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District finance update: $500,000 moved to capital projects; fund balance and interest reported
Summary
Board received an informational financial update: $500,000 was moved to capital projects funds, the district reported $288,000 interest on its money market for October and a fund balance of $35,400,000, with one-month reserves of $12,200,000.
A board member presented the district's October financial report, noting a transfer of $500,000 to the capital projects fund, healthy interest earnings and fund-balance figures.
The update matters because capital transfers and fund-balance levels affect the district's ability to fund construction and operations.
The report explained that at the start of the fiscal year revenue is slower but local revenue will increase over the next months. The district moved $500,000 to capital projects earlier in the fiscal year, the presenter said, and staff process state funds to local schools up front so teachers receive supply money at the start of the year. The speaker reported $288,000 in interest earned in October on the district's money-market account.
Expenditures for the period were reported as 12.2875% of the budget (reported in the meeting as a numeric figure). The district's total fund balance was reported as $35,400,000, with a one-month fund-balance figure of $12,200,000. The presenter said the district had previously moved $11,000,000 to the capital projects fund at the end of the prior year in addition to the regular $6,000,000 allocation.
Board members asked no substantive questions about the report in the meeting. The update was informational and no vote was required.
