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District reports strong reserves, unmodified audit and budget planning for a possible $50 million bond
Summary
The district finance officer said Normandy ended the audited year with about $27.3 million in reserves (roughly 40% of funds), an unmodified audit opinion, positive cash flows through November and preliminary planning for a possible $50 million bond and other system upgrades.
The Normandy Schools Collaborative’s finance staff reported a solid year-to-date financial position through Nov. 30, with audited reserves and plans for next fiscal-year budgeting.
Mr. Brooks (finance) told the Joint Executive Board the district had roughly $27.2 million in reserves at the end of November, equivalent to about a 40% fund reserve across all funds; operating fund reserves (general and teachers funds) stood at about 29.3%. He reported year-to-date revenues near $25 million and expenditures around $24.5 million, producing modest positive operating results through November. Brooks noted that property-tax receipts received in December and January would further strengthen reserves.
Brooks said auditors issued an unmodified (clean) audit opinion and the district met several reporting deadlines, which improved its financial and accountability ratings. He said staff will begin budget planning for fiscal 2025–26 with a budget workshop planned for February or March and that the district aims to produce a “meritorious” budget product.
Brooks said district initiatives in progress include negotiations on Cigna health care, acquisition talks for 15 electric buses with Highland Fleet, and a planned procurement of a new accounting and HR system. He said the facilities master plan effort will inform a potential $50 million bond initiative that could be put before voters as early as April; staff will work with underwriters (Stifel) and with KAI to prioritize projects for any bond.
Board members praised the finance team for the clean audit and asked to be involved in budget workshops. Brooks said more detailed budget calendar information would be provided to the board.
