Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Paradise Valley board approves FY24–25 annual financial report under state statute
Summary
The Paradise Valley Unified School District governing board voted unanimously to approve the district's Annual Financial Report for fiscal year 2024'25, a required filing under Arizona Revised Statutes, after a presentation by district finance staff on revenues, expenditures and fund balances.
The Paradise Valley Unified School District governing board unanimously approved the district's Annual Financial Report for fiscal year 2024'25 at its meeting after a presentation by district finance staff.
The annual financial report (AFR) is required to be submitted to the Arizona Department of Education by Oct. 15 each year, district finance staff told the board during the meeting. "The purpose of the annual financial report...it's an opportunity for us to provide our policymakers and, in particular, our taxpayers with our detailed information on our expenses and our revenues," Miss Berrigan said during her presentation.
The AFR presentation summarized key budget figures and explained how the district tracks its cash and budget capacity. The district reported average daily membership — the enrollment number used for state funding — of a little more than 25,000 for the year, and a base support level starting at $5,013 per pupil. Miss Berrigan said district budgeted M&O expenditures were about $266 million while actual M&O spending was a little over $243 million, leaving an ending M&O budget balance of roughly $22.5 million.
Board members asked questions about peer comparisons and bond expenditures. Miss Wani requested comparative data to peer districts, and Miss Berrigan said Paradise Valley compares to Deer Valley, Dysart, Mesa, Peoria, Phoenix Union and Scottsdale in the state's classroom spending report. Trustee Christiansen asked whether unspent bond authorizations revert to taxpayers; Miss Berrigan replied that the district does not sell bonds it does not need (the board discussed a $15 million authorization for land in the 2023 bond that the district does not expect to sell).
After discussion, the board voted to adopt the AFR as presented. The board recorded the motion and vote under Arizona Revised Statutes 15-904.
Board approval of the AFR allows the district to post the report on the ADE site and use the AFR as the basis for the district's comprehensive annual financial report later in the year. Miss Berrigan said the AFR will be used to complete the district's more detailed comprehensive report in the spring and to support the state's classroom spending review released March 1.
The district indicated it would provide additional peer-comparison details to the board in March when the state report is published.
