Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
CFO reports special building fund in healthy position; district can support Phase 1 work
Summary
Chief Financial Officer reported the district’s special building fund balance exceeds $2 million, with approximately $825,000 expected later in the fiscal year, and reviewed Nebraska fund classifications used for school finance and capital projects.
Chief Financial Officer reported the district’s special building fund has a fund balance above $2,000,000 and that roughly $825,000 remains due to arrive later in the fiscal year (most receipts are typically received in April–June). The CFO reviewed Nebraska Department of Education fund classifications and explained that capital projects must be paid from the special building fund or other non‑general funds rather than the general fund.
The CFO explained the purpose of commonly used funds: the general fund for operations (taxing), depreciation for saving toward equipment replacement, employee benefit funds, special building fund for construction or land purchases, bond fund for principal and interest, and activity and nutrition funds for respective programs. The CFO noted the district currently does not use some optional funds (cooperative fund, contingency fund) that other districts sometimes use.
Given the reported balance in the special building fund, the CFO said the district has the fiscal capacity to proceed with the Mammoth preconstruction work presented that evening. Board members asked questions and the CFO provided clarifications about permitted uses for each fund classification and the recommended accounting practice for multiple projects (subaccounts within the special building fund).
