CFO presents cash‑flow analysis; seismic gym work near completion, district reports
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Summary
New CFO Scott Pillar presented a monthly cash‑flow report projecting a roughly 9.6% ending general‑fund balance and described seismic gym repairs as on schedule; officials said beginning balance is slightly below budget but state school fund adjustments are expected to offset the gap.
Chief Financial Officer Scott Pillar presented a new monthly cash‑flow analysis to the board and described the district’s fiscal starting position and near‑term projections.
Pillar said preliminary July numbers show a beginning general‑fund balance of about $6.05 million, roughly $346,000 below the adopted budget projection of $6.40 million. He told the board the projection assumes prior‑year budget performance continues through the year and that an expected $1.2 million positive variance in state school fund revenue would largely offset the beginning shortfall. "That is our projected ending fund balance…5,092,000, and the percentage underneath that is 9.61%," Pillar said.
Pillar explained the report uses actual July figures and prior‑year patterns to project revenue and expenditures for the remainder of the fiscal year; he said the projections will be updated monthly and that final closings for last fiscal year were expected within a week. He also told board members that the district has factored the collective bargaining agreement into the projections.
Pillar gave a construction update on the seismic grant project in the gym, saying the gym will be ready for student use by the end of the week though rooftop work and insulation will continue for about another week. He said contractors and engineers addressed two major unforeseen issues — the need for stronger structural steel and old electrical wiring that required shutdowns and targeted repairs — and that the district and contractor have used contingency funds. "The safety performance of this seismic grant has been first rate," he said, adding that work on planning for the next seismic grant (commons area) has begun and that WRK was the successful bidder for the current work.
Board members asked for a monthly summary or narrative at the front of the report to highlight trends and risks; Pillar said the board will receive a narrative report each month and offered to meet with members individually to walk through the template.
Board discussion also covered the recent expiration of a bond (noted as having already come off the tax roll) and how that affects property tax projections; Pillar said debt service for that bond sits in a separate fund and would therefore not affect the general fund cash‑flow report directly.