Finance board hears investment report, fiscal indicators and a transfer resolution; work requested on finance orientation

Trustees convened the annual Board of Finance meeting after the organizational meeting and heard routine fiscal reports from district finance staff, including an investment officer summary and the state-prescribed fiscal indicators report.

Investment officer report Michelle Cronk, district finance officer, reported the district earned $691,733.93 in interest on cash and investments for the 12-month period ending Nov. 30, 2024. She said the corporation currently holds five certificates of deposit and two treasury bills that will mature over the next two years with rates ranging from about 4.11% to 5.4% and that staff will continue to reinvest at the highest available rates as instruments mature.

Transfer resolution presented Cronk also presented a transfer resolution tied to the district’s 17 lease construction fund. She said the balance of the 17 lease fund as of Dec. 31, 2024, after posting accrued interest, was $2,850,362.45 and that staff included a transfer to the debt-service fund in the adopted 2025 budget. A motion to approve the transfer was moved and seconded during the meeting; the transcript records the motion and discussion but does not include an on-the-record roll-call tally at that point.

Fiscal indicators and budgeting context The district’s fiscal-indicator packet (state fiscal indicator set) was reviewed. Highlights provided by staff: - Funded average daily membership (ADM) for 2024–25 (fall count): 2,185 (down 23 from prior year; district cited statewide kindergarten declines as a likely factor). - Free-and-reduced-lunch percentage: has increased in recent years. - Special-education percentage: decreased slightly. - English-language-learner (ELL) percentage: increased. - The district maintains healthy cash balances across funds; cash reserves in combined operating and referendum funds were well above the minimum industry benchmark (the district’s combined balance was cited at roughly 50% of expenditures, well above the 8.3% statutory minimum or a commonly recommended 3 months’ expenses). - Operating referendum revenue composed approximately 17.2% of total revenue for 2023.

Training and orientation requested Several new trustees asked for additional finance orientation and an interactive briefing on monthly reports and common acronyms. Cronk and trustees agreed to arrange either individual briefings or a group workshop so newer members can review monthly fund reports, the accounts‑payable review process and the key revenue/expense categories used in district budgeting.

Finance committee officer elections At the start of the finance-session portion, trustees elected Lawrence Wong president of the finance committee and Dasha secretary of the finance committee by unanimous votes recorded in that segment.

Ending: The finance reports were received for review; staff committed to follow-up materials and training for trustees and to provide more detail on the transfer resolution and other budget items at upcoming meetings.