Tempe Elementary School District board approves 2024–25 annual financial report as carryforward falls

The Tempe Elementary School District Governing Board on Oct. 15 approved the district—s fiscal year 2024—625 annual financial report following a presentation by Chief Financial Officer Eric Thompson.

Thompson told the board the district recorded about $170,000,000 in total expenses for the year, including bond expenditures, and about $105,000,000 charged to the maintenance and operations (M&O) fund. "The vast majority of all those expenses are salary and benefits," Thompson said, noting roughly $90,000,000 of the M&O total went to salaries and benefits and about $21,000,000 to special education.

The report shows the district—s M&O carryforward has declined from a peak of about $11,000,000 to roughly $8,700,000 as one-time federal pandemic funds were spent down. "Those federal funds are gone now, and so we're starting to spend them down," Thompson said, adding that declining enrollment has accelerated the need for adjustments.

Why it matters: The annual financial report (AFR) summarizes required fiscal reports the district must file with…