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Roaring Fork schools finance leaders urge caution on dipping below fund-balance minimum
Summary
District leaders presented a fund-balance briefing and recommended not using reserves below the board'set minimum, explaining risks including larger state cash-flow loans, lower bond ratings and reduced flexibility.
Roaring Fork School District No. Re-1 officials warned Tuesday that tapping reserves below the district's board-set minimum would heighten financial risk and could force the district to borrow substantially more under Colorado's interest-free state cash-flow loan program.
Superintendent Dr. Anna Cole introduced a fund-balance presentation and said the district will not recommend drawing below the minimum balance required by board policy and state law. "You are not going to see that as part of our recommended solutions," Cole said as she described the supplemental-budget work underway to address midyear shortfalls.
Chief Financial Officer Christy Chicoine and Anthony Singh, an RBC Capital Markets administrator who oversees the state's cash-flow loan program, presented how a lower starting cash balance increases the size and frequency of state loans the district must take to cover payroll and operations between major local property-tax disbursements.
"School districts get…
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