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District finance chief urges review of 5% reserve policy after June shortfall; board discusses raising minimum fund balance
Summary
Sean Fitzgerald, executive director of business and finance, told trustees the district’s current 5% minimum fund balance policy — set in 2011 — may be insufficient given enrollment declines, rising costs and a June cash shortfall caused by state payment timing. The board discussed gradually increasing reserves.
Executive Director of Business and Finance Sean Fitzgerald presented an update to the board Tuesday on the district’s minimum fund balance (reserve) policy and recent cash‑flow events that drove discussion among trustees about raising the policy level above the current 5% of budgeted expenditures.
Fitzgerald said the 5% policy was adopted in August 2011 and that the district’s financial environment has changed since then: enrollment peaked in 2015 and has declined (the district cited a peak of about 7,655 in 2015 and current enrollment near 6,450), assessed value has…
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