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CFO reports December financials: audit adjustments, property-tax timing and healthy food-service fund
Summary
Rebecca, the district CFO, presented December financial statements adjusted for the audit, explained that property-tax revenue is concentrated March–June, and said the food-service fund is in good shape while grants and activity funds are being managed.
At the Feb. 24 special meeting, Rebecca, the district’s chief financial officer, presented the district’s December 31 financial statements, noting a small audit-driven adjustment to the beginning-of-year balances and outlining fund-by-fund status.
Rebecca told the board that audit footnotes required a minor revision to the beginning balance and that the revised budget was updated accordingly. She explained the district’s revenue timing: because property taxes provide a large share of district revenues, the district typically recognizes the bulk of receipts between March and June each year. That timing, she said, reduces the district’s need to borrow; this year the district used the interest-free loan in February only and does not expect additional borrowing after property-tax receipts begin.
Highlights by fund included: - General fund: Audit adjustments updated the beginning balance tied to the revised budget; the CFO said spending often skews earlier in the year and that budget-to-actual reports will be presented at the March meeting covering March–June activity. - Food-service fund: “Our food service fund is in really good shape,” Rebecca said, with a carryover and no expected general-fund contribution unless the state program changes. - Grants fund: The revised budget now reflects anticipated awards; grant funds must be spent in the year received and therefore show no permanent fund balance at year-end. - Activity and student-activity funds: These funds hold site- and program-raised money; Rebecca said she will encourage high-balance accounts to spend down raised funds to support current students and activities. - Capital reserve: Created last year, the fund holds larger equipment and construction dollars; Rebecca listed items already funded from it this year, including repairs and transportation-related equipment.
Board members asked for department-level budget-to-actual breakdowns for March’s meeting and requested clarifications about IT funding sources (general fund budget plus MLO proceeds passed in 2018).
Ending: Rebecca said she will bring budget-to-actual reports to the board’s March 10 meeting that incorporate the revised budget and year-to-date actuals through the end of the fiscal year.
