Business office flags one-time state payment and reporting formula error; year‑to‑date revenues low relative to budget

The district’s finance staff walked the board through the July financial statements and highlighted a double state school‑fund payment received in July, an expected variance in the year‑end fund balance and a data‑import error in the online reporting tool.

The finance presenter noted the general fund’s state sources line showed about $13,300,000 for July because the district receives a double payment from the state school fund in July. The presenter said the typical payment will be about $6,700,000 per cycle going forward.

The board was shown beginning fund balances of $9,800,000 in June and an ending July balance of approximately $19,400,000. The presenter forecasted that final audited fund balance for 2024–25 would likely fall between $7 million and $7.5 million after reconciliation, and cautioned that numbers will continue to shift as auditors close the year.

Staff also identified a formula error when importing into the frontline financial system: the annual budget is $119,000,000 but one report page was showing mismatched revenue/expense lines due to a coding error on the vendor side. The vendor is addressing the import issue, staff said.

Other highlights: staff showed year‑to‑date collection at about 12.43% of budgeted revenues and expenditures at about 3.4% year to date, and noted a $1,788,000 payment recorded in July for PACE insurance that the board had approved to be paid in July rather than August. The presenter said the special revenue funds show comparatively lower collections versus budget for July, which was a timing comparison to prior years, not an operational alarm.

Board members asked clarifying questions; staff said they will continue to provide monthly updates and a final audited balance when the fiscal audit is complete.