Kate Davis, Olympia School District (OSD)’s Executive Director of Business & Finance, expressed optimism about the district’s budget.
Davis provided a brief update on the 2023-2024 district budget during a board meeting last August 10.
“As we passed our budget, we were estimating 7.7 million dollars for beginning fund balance for next year. And then, over the last few months, we keep looking at expenditures and revenues, and we’re feeling confident with making a few adjustments,” Davis shared.
“New bills continue to come in from vendors, and we finished up the accounting. With that, so many adjustments that we’ve made increased revenue for nutrition services that we hadn’t anticipated,” Davis reported.
Aside from the $300,236 revenue increase for Nutrition Services, Davis also reported a $156,186 revenue decrease for General Apportionment and a $411,137 expenditure decrease from the historical trend for goods and services.
“General apportionment would be solely based on enrollment – so a few less (sic) kids in our system and that's purely formula-driven. Over May, June, and July, we were seeing that the expenditures for goods and services were significantly less than historical trends,” Davis said.
Davis also said there is a $555,187 net change in the beginning fund balance.
Even though the fiscal year ends in August, the board must revise the budget and have the exact beginning fund balance in November.
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