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Canyon ISD board approves December financial report; administrators note larger-than-expected debt allotment and reconciliation with food-service contractor
Summary
Trustees approved the district's reconciled financial statements as of Dec. 31, showing about $22 million in bank cash and roughly $69.97 million total cash with investment pools; administrators said an existing-debt allotment from the state was larger than anticipated and noted Chartwells reimbursement and reconciliation work is complete.
The Canyon ISD board unanimously approved the district’s monthly financial report for the period reconciled as of Dec. 31, the board heard Monday.
Controller Leila presented key figures: a bank statement cash balance of about $22,000,000 and total cash and investments (including Lone Star and TexPool-like investment pools) of about $69,968,000. The presentation noted local revenues were roughly 46% of budget and state revenues slightly above 50% collected to date for the fiscal year; federal revenues are down and administrators said changes in allowable SHARS (school health-related services) reimbursements may further reduce federal receipts.
Leila told trustees the district had received a larger existing-debt allotment from the state than anticipated; she described that amount as a settlement the state does annually and said the funds may only be used for debt service. Board members asked how the allotment is calculated and the controller said the district does not calculate it locally but could consult peers for the state methodology.
Food service reporting: administrators said the district and Chartwells completed reconciliations and had written a check to finalize vendor professional-services amounts; the controller said a food-service director candidate with significant experience would meet with the district next week.
Other highlights included special-revenue and safety-grant spending for ballistic film and other campus hardening items, and extended-day daycare program revenues of about $539,000 with expenditures around $417,000.
In discussion the board asked about tax collections and the relationship between rising local property values and state funding recapture. Administrators explained Texas uses a foundation funding mechanism: as local property values and local tax collections rise, state aid can be reduced so statewide equity targets are met; trustees noted the district is not currently at recapture levels and that some local revenue sources (for example, wind farms) materially affect the district’s local revenue picture.
A motion from Trustee Matt, seconded by Trustee Casey, carried unanimously: the board approved the monthly financial report (recorded vote: 7 in favor, 0 opposed).
