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Finance director reports FY25 preliminary results; board approves audit submission
Summary
The district reported year-to-date totals for fiscal 2025: consolidated revenues $334.94 million, expenditures $361.77 million, a net change of -$26.42 million driven largely by capital project spending. The general fund had an unassigned balance of $35.4 million (about 13%). The board approved transmitting the financials to auditors.
The district’s finance director presented preliminary fiscal-year financials and asked the board to approve forwarding the records for the formal audit.
What the report showed
- All funds (year-to-date): revenue $334,937,053; expenditures $361,774,793; other financing sources $16,000,075; net change in fund balance -$26,420,765 (primarily capital project and bond spending).
- General Fund: revenue $278,247,344; expenditures $272,078,989; net change in fund balance -$3,585,224. The board had previously budgeted to use reserves; additional revenues (taxes, enrollment and interest) reduced the reserve draw.
- Fund balance: total general fund balance $43,384,570; after commitments and encumbrances the unassigned fund balance is $35,401,821 (about a 13% reserve).
Audit and next steps
The finance director said an external audit engagement will proceed in November and that the final audited financial statements will be posted to the state auditor and on the district website once complete. Board members asked whether the audit is independent; staff confirmed it is an external audit procured per state requirements. The board voted to approve submission of the financial report for audit.
Board action
A member moved and the board approved the finance report for audit submission; the finance staff will deliver the audited report after the external audit is complete and publish it as required by state guidance.
Ending
The finance director asked the board for approval to proceed with the auditors. Board members thanked staff for the presentation and asked for the posted audit once it is complete.
