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District finance update: unspent budget at 18.5% as year-end balance declines
Summary
District finance staff reported a $50 million ending fund balance, a fiscal-year deficit of about $7.5 million, and an unspent authorized budget ratio of 18.5% while noting ESSER timing and planned borrowing.
District finance staff told the Davenport Community School District board that the fiscal-year ending balances remain healthy but reflected the expected use of one-time funds and planned projects.
Kevin, a district finance presenter, said the district ended the fiscal year with an approximately $50 million ending fund balance and that the year-to-year cash position decreased by about $7.5 million. He reported an unspent authorized budget (UAB) ratio of about 18.5 percent and a solvency ratio of 24.2 percent, and he explained those figures reflect a move to spend down prior ESSER-funded purchases and other capital projects.
Why it matters
The UAB and…
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