Union Public School District Board of Trustees met in a special called meeting Tuesday night to wrap up the 2019 Fiscal Year budget before submitting it to the state.
In the 15-minute meeting, trustees approved several additional transfers and loan repayments as well as an amended FY19 budget, which had been edited to reflect changes between actual revenues and expenditures and the predicted revenues and expenditures set in 2018.
Abby Winstead, business manager for Union Public Schools, told trustees the district had finished out the year bringing in about $48,000 more than it spent. The total fund balance for the district, she said, was a little over $1 million.
The transfers and loan repayments needed to finalize the amended budget were also standard financial operations, Winstead explained. The district utilizes some accounts to pay for goods and services that don’t have revenues coming into them. At the end of the year, those accounts reflect a negative balance, and the district must transfer funds to zero out the accounts.
Winstead pointed trustees to the alternative school, with a -$9,000 balance as an example. The alternative school doesn’t bring in much revenue, but due to state regulations, employees who work at least part time at the alternative school must have a portion of their salary coded as coming from that department. It’s an accounting procedure.
“It’s just transfers to follow the rules, to do what we’re supposed to,” she said.
Board president Jeremy Hamm said UPSD administration does a good job managing the finances throughout the school year and keeping the Board of Trustees updated on any changes or big expenses.
After approving both the transfers and amended budget, the board adjourned with no further business.
