Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
CFO: district finances healthy; accounting correction raises reported general fund expenditures
Summary
CFO Adam Kurth told the board the district remains in a reasonably healthy financial position but identified an accounting coding omission that increases reported general fund disbursements and said capital project spending is expected to decline as facility projects wrap up.
CFO Adam Kurth told the board on Feb. 11 that district finances were generally healthy but flagged a coding correction that affects the quarter‑two report and described cash flow patterns tied to property‑tax receipts and construction projects.
Why it matters: The quarterly financial report feeds the board’s budget and unspent authorized balance (UAB) forecasting. Kurth said the district’s UAB is projected to grow to roughly $7.931 million for the current year barring changes, information administrators will use in spring budget planning.
Kurth said a coding omission in the general fund had left out AEA (Area Education Agency) flow‑through expenditures. “That was actually missing a coding for our AEA flow through, which is an additional amount of $2,900,000,” he told the board; correcting that raises disbursements to about 41.4% of budgeted general‑fund expenditures, Kurth said. He said staff have assigned a new accountant to correct coding and that he will reupload corrected materials to the agenda.
Kurth reviewed month‑by‑month revenue and expenditure trends and noted the capital projects GO fund shows higher year‑to‑date expenditures because planned reclassification will move project spending into funds 33 or 36 as the district draws down previously issued GO bond proceeds. He also explained the district’s cash and investment balances typically rise after the fall property‑tax distribution and again in spring and that the dip in combined capital cash balances this year reflects completion of Facilities Master Plan projects, including middle‑school construction.
Kurth said he is watching several expenditure categories (student transportation was one example) where timing of large invoices can make quarter‑to‑quarter comparisons misleading.
Ending: Kurth said he would update the posted materials to reflect the corrected AEA coding and continue to monitor categories that may affect year‑end forecasts.
