A Letter from Riverdale’s School Board
Dear Riverdale Families,
As our school district enters a new budget season, we acknowledge the invaluable leadership demonstrated in shifting our budgetary path. Thanks to the innovative strategies formed in the budget subcommittee, our superintendent and business manager have adeptly boosted revenues and trimmed expenses without compromising service levels. Please join us in reflecting on the strategic measures undertaken in the last 18+ months, which cushion the impact of prevailing financial constraints and compounding yearly costs:
Increased Revenues
Investments: ($176,000)
The District has made a concerted effort to keep available cash flow in the Local Government Investment Pool, a low risk interest yielding investment strategy. In 2022-23, the District's investment revenue was about $91,000. To date, the District’s investment revenue for 2023-24 is $85,000. For comparison in 2021-22, investment revenue was only $12,000.
Grants: ($70,000)
The District engaged a grant writer in August 2023. With the assistance of this position, the District has been awarded money for additional resources.
Tuition Rates: ($46,000)
The Board approved a 4% tuition increase for the 2023-24 school year.
Facility Rentals: ($81,000)
In 2022-23, the District generated $26,000 in facility use rentals, and so far for 2023-24 $55,000. For comparison in 2021-22, revenue was only $120.
Decreased Expenditures
Staffing Optimization: ($325,000)
The District has leveraged vacancies and staff attrition, including retirements and other departures.
Contracts: ($80,000)
Improved contracting and quoting processes resulting in competitive pricing.
State School Fund Optimizations: ($500,000)
We are eligible to receive further revenue from the state in the following funding areas: English language learners, teacher experience, and high cost disability.
Adjustments in these three areas impact not just last year and this year, but as a part of the State School Fund formula, will continue to be factored into future years' allocations.
Overall: (1.2 Million)
By implementing the savings and revenue detailed above, Riverdale is able to offset increased costs in other areas. When highly experienced leaders meticulously scrutinize each line item in the budget, the cumulative impact is significant.
At Riverdale, we develop inquisitive, imaginative, and eager learners. We applaud the creativity and concerted efforts made by the Riverdale Foundation, Parent Teacher Club, community, and district leadership to enhance our financial standing in alignment with our mission.
With enthusiasm, we welcome your participation as we usher in the 2024-25 budget cycle at Riverdale!
Jeff Dominitz, Director
Ali Lanenga, Director
Kevin McPherson, Director
Michele Rosenbaum, Chair
Mina Stricklin, Vice Chair
*If you’d like to deepen your understanding of our school finances, we encourage you to contact our wonderful superintendent Chris Russo crusso@riverdale.k12.or.us and business manager Nicole Bassen nbassen@riverdale.k12.or.us.
For a more detailed version of the topics listed above, please see the materials presented and recording of the March 11th board meeting.
