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Finance director shifts reporting cadence; Wylie ISD posts strong preliminary revenue and fund balance figures
Summary
The district finance director told trustees the board will receive financial reports two months in arrears going forward to allow time for month-close entries; staff also reported preliminary revenue of $62,442,000, expenses of $53,615,000 and a projected net addition to fund balance of $8,800,000.
The districtfinance director announced a change in the reporting cadence and summarized preliminary financial results for the period presented.
Beginning immediately, the district will present financial reports two months prior to the board meeting date (for example, the October meeting included August financials). The change is intended to allow month-close journal entries and audit adjustments to be captured before reports are presented to trustees.
Key figures discussed by the finance director included: - Starting cash as of the opening reported month: about $151,000,000 (the presenter said the document mistakenly labeled a page as July but discussed August balances). - September cash activity reduced the balance by approximately $3,700,000 to about $147,000,000 after expenses. - Revenues were reported at $62,442,000 (finalization and audit wrap-up still in progress). - Expenses were reported at $53,615,000. - A net increase of approximately $8,800,000 was noted that will be added to fund balance pending audit completion.
The director reviewed notable September checks and annual subscription payments (benefit, software, Medicaid billing, SPED-related implementation fees and insurance). Payroll for the reporting period was discussed; the packet listed total payroll at just over $3,500,000 for the presented month and reflected recently approved raises.
The board accepted the report and had no further action on the new reporting cadence; staff said the audit was nearing final review and the same two-month reporting practice will be used for future meetings.
