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District reports March revenue up 5% and board approves resolution to retain bond counsel and financial adviser
Summary
District staff reported March 2025 revenue and expenditure figures and the board approved a resolution to retain outside legal counsel and a fiscal adviser for potential bond, note or lease issues.
District finance staff reported revenue and expenditure figures through March 2025 and the board approved a resolution to retain outside counsel and a fiscal adviser for potential debt issuance.
Staff reported general-fund revenue collections through March of $302,414,001.85, an increase of about 5% compared with fiscal 2024 general-fund revenues reported in the packet. Revenues for all funds were reported at approximately $345,000,638,913 (transcript contains formatting anomalies), an increase of about 4% over FY24, and general-fund expenditures through March were reported at $225,648,009.00 (about 5% higher than FY24 expenditures noted in the packet). The presenter said expenditures for all funds (including construction) were $299,000,029.09 and that the increases are “still in line with the budget.”
The board was also presented the fund-balance figures and a statement of cash flows for March 2025: a combined general-fund balance of $247,997,899 (reported as about 10% higher than FY24) and a March cash-balance figure for district maintenance of $243,135,084, which the presenter said represents 83% of the cash balance for all funds reported at $291,759,065. The presenter reported that bank statements had been reconciled with no exceptions.
The board approved a resolution to retain Young Talk Group (identified in the packet as Exhibit A) as legal counsel for any potential bond, note or lease matters from May 15, 2025, through June 30, 2026, and an engagement letter in Exhibit B for services from a firm described in the packet (referred to in the transcript as the “unit group”) to serve as bond counsel and financial adviser for future debt issuance. The resolution was approved by voice vote with no opposition.
The meeting record shows the finance presentation and the resolution were approved on board motions. The transcript contains several numeric formatting anomalies; the packet should be consulted for audited figures and the exact names and engagement terms of the counsel and adviser.
