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Board approves audit plan and annual financial report as district leaders outline overrides, bond spending and cash timing
Summary
The Scottsdale Unified School District governing board approved the audit plan for 2025–26 and accepted the district’s 2024–25 annual financial report. Finance staff outlined how voter-approved overrides and a nearly complete $229 million bond have been used and explained a temporary cash shortfall tied to timing and Quasi‑Meyer refunds.
The Scottsdale Unified School District governing board on Oct. 24 approved the district audit plan for 2025–26 and accepted the annual financial report (AFR) for fiscal year 2024–25.
Sarah Regan, chair of the district audit committee, presented the committee’s annual report and said the committee found no material control deficiencies based on its scope and that one audit had produced an identified cost savings of roughly $100,000. The board voted 5–0 to approve the audit plan.
Chief Financial Officer (presenter identified as Ms. Crozier) reviewed voter-approved maintenance-and-operations (M&O) and capital overrides and the nearly completed $229 million bond. She said the M&O override (approved Nov. 2023) supports class-size maintenance, all-day kindergarten, music and arts, athletics, technology and competitive staff pay. The capital (district additional assistance) override, approved Nov. 2022, pays for school and district technology, curriculum materials and similar items; the district has carried forward some capital override funds and spent more in 2024–25 as it seeks to use one-time carryover.
The bond program financed school renovations, life‑cycle improvements and security projects; the presenter said the bond is now near completion with about $1.2 million remaining. Examples given included athletic and infrastructure projects as well as essential mechanical work such as a chiller replacement at Copper Ridge.
Finance staff told the board that a cash shortfall in the M&O pooled account was related to timing and recent Quasi‑Meyer refunds (state-mandated refunds that affect cash flow). The district had used tax anticipation notes previously to manage timing of receipts. The AFR shows an average daily membership (ADM) of about 19,333 and reports operating fund budget balances and cash balances; staff explained the difference between budget balance and cash balance and said the district expects tax revenues to begin flowing in October.
The board voted 5–0 to accept the AFR for 2024–25. Board members asked staff to provide guidance and training so trustees can read the AFR and school‑level reports; staff said the school‑by‑school report will be posted publicly after approval.
