The Liberty Elementary School District Governing Board approved the district’s fiscal year 2024-25 annual financial report on Oct. 8, saying the report will be uploaded to the Arizona Department of Education and posted on the district website.

Crystal Mosier, the district accountant, presented the report and two attachments: the annual financial report and a classroom site fund narrative. Mosier said the classroom site fund narrative explains that those funds are used for teacher salaries and benefits and described the report as the district’s record of expenses, revenues and fund balances for the fiscal year. "This is a time sensitive matter," she said.

Board members asked for clarification about an item on page 2 labeled "ending fund balance," which some read as a large carryforward. Mosier explained the distinction: the ending fund balance reflects cash in the M&O fund, not the same figure as the budget carryforward. She identified the carryforward as $641,590.78 and said the cash balance can differ from remaining budget authority.

President Michael Todd and other board members discussed that the district used funds at year-end to address deferred maintenance and other one-time expenditures. Todd said the district had maintenance deferred for more than 10 years and that spending on those items reduced carryforward but addressed rising costs from delay.

A motion to approve the FY2024-25 annual financial report "as presented" passed unanimously, 4-0.