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Show Low board approves FY25 annual financial report; projects $5.5 million carryforward
Summary
At its October regular meeting the Show Low Unified School District Governing Board approved the FY2025 Annual Financial Report and school-level AFR, projecting a $5.5 million maintenance-and-operations carryforward and noting potential minor audit adjustments.
The Show Low Unified School District Governing Board approved the district's FY2025 Annual Financial Report (AFR) and school-level AFR during its October regular meeting, meeting a state deadline and establishing the district's projected budget capacity heading into FY2026.
District finance staff presented the AFR package, which Ms. Davis said is due to the state by Oct. 15 and includes maintenance and operations (M&O), capital, grants and school-level breakdowns. "So this is the time of year that we do the annual financial report. It's due to the state, October 15," Ms. Davis said.
The AFR shows M&O expenditures of about $17.9 million, total district expenditures of roughly $30.0 million for FY2025, an unrestricted capital carryforward of about $3.3 million and a projected M&O budget carryforward of $5.5 million into FY2026. Ms. Davis warned the board that those projected carryforward figures "may adjust based on a final budget determined by ADE and any audit adjustments for the classification of expenditures." She told the board the district met required maintenance-of-effort tests for special education and M&O.
Board members asked questions about the state Building Renewal Grant (BRG) funding, and Ms. Davis explained the amount the district receives depends on state funding and statewide priority-setting. "That is based on how much money the state has," she said, adding that the district has received significant BRG support in prior years but that state allocations had tightened this cycle.
The board voted to approve the AFR and school-level AFR as presented; the motion passed. Ms. Davis said the district will upload the AFR to the Arizona Department of Education web site in mid-October and then to the district's business-services pages.
Board acceptance of the AFR sets the official FY2025 financial close for the district and will be reflected in the December revised budget once ADE's final calculations and the district's audit adjustments are complete. Ms. Davis noted prior years' audit-driven changes were minor relative to the district's overall budget.
