Interim finance report, investment holdings and new CFO introduced at South San ISD meeting

The South San Antonio ISD board received its required quarterly investment report and a monthly financial update for September during Monday’s meeting.

Interim finance officer Larry Garza summarized the district’s investment holdings, listing pooled accounts such as First Public LoanStar Pool and TexasCLASS and reporting an ending market value for invested assets of about $26.5 million. Garza said the district is in compliance with state investment rules and described the report’s columns showing beginning balances, yields, ending market values and instrument detail.

Garza also presented the September financials, showing the amended general fund budget at roughly $84.9 million and noting early-year timing differences between budget and receipts as the fiscal year begins. He explained encumbrances (funds reserved by purchase order) and said child nutrition and debt-service funds remain broadly on track.

The board also heard from Stan Osborne, the district’s newly named chief financial officer. Osborne, with more than 25 years of K–12 finance experience, told the board he will provide transparent financial reporting and work with district leadership on grant tracking and budget monitoring. "I am your CFO…and I will be presenting information in the future," Osborne said.

Board members asked whether federal grant reimbursements were delayed by federal actions; Garza and Osborne said some reimbursements have been slowed but that the district’s fund balance and encumbrance management provide interim liquidity. Osborne added he has not seen denial of reimbursements in his experience and that grants are typically reimbursed after district expenditures.

Both finance presenters said they would provide more graphical reporting and additional detail on FTEs and revenue sources in future updates.