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Board hears detailed cash-position briefing; treasurer cites $10 million real-estate receipt, spending freeze remains
Summary
Treasurer Patrick Gallano briefed the board on cash flows, negative unencumbered balances in several funds, a fiscal spending freeze and next steps; the board approved financial reports and a resolution certifying tax rates.
Treasurer Patrick Gallano presented the district's January 2025 financial report and walked board members through cash balances, restricted grant timing and projections, and several fund-specific issues on Feb. 24.
Gallano explained that timing of state and county receipts affects month-to-month revenue and that some funds show temporary negative unencumbered balances because reimbursements and advance real-estate tax receipts are pending. He said permanent-improvement debt payments (roughly $1.5 million annually, per his explanation) are scheduled from that fund and that the fund is sometimes allowed to show a temporary deficit because the receipts are effectively guaranteed. He told the board the district had received a large real-estate tax remittance (described in the…
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