During the board meeting, Miss Hubbard presented February financial statements and budget-to-date figures. The district reported it was five months into the fiscal year (about 42 percent complete). Local revenue, which includes sales tax, was reported at about 57 percent of the year’s budgeted amount; the superintendent and finance staff move $500,000 monthly into capital projects, leaving roughly $2.5 million in capital projects for the year.

Miss Hubbard said expenditures were on target at roughly 42 percent of the year-to-date budget. The fund balance for one month was cited as $12,200,000 and the district’s total fund balance was reported as $48,100,000—described as about 3.94 months of fund balance. From January to February the fund balance grew by about $500,000. The finance report also noted approximately $1,200,000 in interest earned in the money market account over five months and monthly interest of a little over $200,000.

No formal action on the financial statements was recorded beyond the presentation to the board.