Finance report: district cash and investments remain strong; auditor selection committee required this year

Finance representative Miss Wilson told the board the district held roughly $80 million in cash and investments, noting large tax receipts in November and December that were quickly invested. She summarized that the general fund is up about 1.8% from the prior year, with 62% of revenues collected and 44% of expenditures spent at this point in the fiscal year.

Miss Wilson said the capital projects fund balance is up, in part because impact fees funded construction at Floral City and the cafeteria, and that federal grant spending patterns explain some year-over-year differences in program funds. The district—s self-insurance fund is down about 1.2% compared with the prior year; premiums have declined while claims-related expenses have increased.

Board legal counsel and fiscal staff said the Florida Auditor General will change audit rotation and the district now must form an auditor selection committee to procure a private auditor under state rules. Counsel described typical committee composition rules: a minimum of three members, one board member (not the majority of the board), and no district employees on the committee except in an advisory role. The board asked staff to bring a proposed committee structure and timeline to a workshop so the board can establish the committee and issue a request for proposals.

Miss Wilson said the district will begin work with its financial advisor in mid-March on upcoming sinking-fund borrowing and monitor legislative budget developments as the state session proceeds.