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Tomball ISD reports $70 million-plus in reserves; finance chief says district exceeds board policy minimum
Summary
Chief Financial Officer Zach Boles told the Tomball ISD Board on Feb. 11 that audited fund balances as of June 30, 2024, show the district holds more than the board-required three months of operating expenditures, with committed funds designated for future construction.
Zach Boles, Tomball ISD chief financial officer, told the board on Feb. 11 that the districthas audited fund balances of more than $70 million as of the fiscal year ending June 30, 2024. "To meet the requirement of board policy CE local, we needed to have 3 months or 25% held in reserves under assigned or unassigned designation. At 70 just over 70,000,000, we do meet that requirement under board policy. We have 3.77 months available, and so that roughly estimates to, 31.4 percent of the current year's operating budget," Boles said.
The report, delivered during the board's regular meeting, broke fund balances into standard governmental accounting categories and explained program restrictions and board-authorized commitments. Boles said nonspendable balances were "just under a million dollars,"…
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