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District reports year-end surplus, replenishes reserves and proposes $4.5 million capital reserve
Summary
District finance staff told the Board of Education the district closed the year with unspent revenues and lower-than-budgeted expenditures, enabling replenishment of reserves and a proposed $4.5 million contribution to a voter-approved capital reserve for an $85.5 million facilities project.
Kathy, a district finance staff member, told the Board of Education at its regular business meeting that the district closed the fiscal year with revenue above and expenditures below budget, allowing the district to replenish reserves and propose a $4.5 million contribution to a voter-approved capital reserve for upcoming capital work. "Our final expenditure percent was about 97.12%," she said, adding that revenue finished at about "102.88%."
The nut of the presentation: the district reported about $726,000 in excess revenue after accounting for expenditures and carryover encumbrances and recommends allocating much of that to reserves. Kathy outlined the…
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