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Board approves FY2025 annual financial report; CFO details override and bond spending
Summary
The Litchfield district approved its fiscal year 2025 annual financial report Oct. 14. CFO Juan Vaughn presented spending breakdowns for the maintenance & operations fund, classroom site fund, capital outlay, food service, reserves, and gave statutory-mandated updates on the M&O override and bond programs.
The Litchfield Elementary School District Governing Board unanimously approved the district’s fiscal year 2025 annual financial report at its Oct. 14 meeting, a step the CFO said is required to meet state filing deadlines.
CFO Juan Vaughn told trustees that Arizona law requires the board to approve the annual financial report so the district can submit it to the Arizona Department of Education and the county superintendent by Oct. 15. “By approving the annual financial report tonight, the district will be able to comply with these requirements,” Vaughn said.
Vaughn reviewed key fund results: the Maintenance and Operations (M&O) fund spent 81% of its total on salaries and benefits; utilities and purchased services accounted for smaller shares. The board’s M&O override (the district’s voter-approved supplemental) totaled $11.2 million for fiscal 2025 and was spent on salaries and benefits,…
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