Danbury School District finance committee reviews preliminary unaudited June finances, recommends acceptance

The Danbury School District Finance Committee on an evening meeting reviewed preliminary, unaudited financial statements for the year ending June 30 and recommended that the full board accept the report as a preliminary, unaudited statement.

Angela Walsh, finance staff, said, "For as of June 30, we are at $2,600,000 favorable," and walked the committee through reclassifications and timing issues that produced the variance. Walsh told the committee the accounting team is still recording deposits and journal entries, and that the $2.66 million favorable variance could change as late invoices and encumbrances are resolved.

The committee heard a range of operational explanations for the variance. Walsh and another finance presenter said several large reclassifications during the fiscal year moved roughly $3.8 million from professional services into para/tutor salary accounts, and about $500,000 related to movement between grant and general-fund coding. The presenters said miscodings earlier in the…