Phoenix Elementary board approves FY25 annual financial report showing roughly $108 million in expenditures

The Phoenix Elementary School District No. 1 governing board voted to approve the district's fiscal year 2025 Annual Financial Report (AFR), a statutory document summarizing revenues and expenditures for the fiscal year that runs July 1 to June 30.

Finance staff presented the AFR and described the major fund totals and compliance steps. The presenter explained that the AFR is required by "statute 19‑904" and that it consolidates maintenance and operations, capital outlay, classroom site funds, grants and special revenue/cash‑controlled accounts. "The AFR is called the annual financial report. It is required by statute 19 dash 9 0 4 that must be presented and approved every year," the presenter said.

Key figures (fiscal year 2025): - Maintenance & Operations (M&O) expenditures: $54,840,000. - Capital outlay (610/unrestricted capital outlay and related): $2,700,000. - Classroom Site Fund (Classroom Site Fund/Prop 301): $5,000,000. - Grants (federal/state combined in presentation): $21,600,000 (presentation noted $8,100,000 of SR3 funding included in this line and cautioned that SR3 is no longer available next year). - Special revenue (cash‑controlled accounts including food service): $12,700,000 (food service alone approximately $5,700,000 in expenditures). - Bond fund expenditures: $11,000,000. - Total reported expenditures across all funds: about $107,000,000 (presenter described "almost $108,000,000").

Staff noted that 88% of M&O spending — about two‑thirds for salaries and 22% for benefits — is committed to personnel costs. The finance presenter summarized that the district closed the fiscal year with a carryforward balance of approximately $1,300,000, slightly higher than the adopted budget projection of about $1,000,000.

Board members asked about the composition of special revenue and how the AFR compares with budget projections; staff described reconciliation processes, audit timing and which internal teams reviewed the AFR. The presenter said the document had multiple internal reviewers: the budget team, the director of finance and the final approver in central office, and that the audit was roughly 75% complete at the time of the presentation.

Board action: A trustee moved to approve the FY25 Annual Financial Report and the board voted in favor by voice vote; the motion passed.

Ending: Trustees asked staff to supply a board update that aggregates total revenues, total expenditures and beginning/ending balances by fund. Finance staff agreed to provide those columns in an updated board packet and noted the district is on schedule for its external audit and for delivering the annual comprehensive financial report required for bond ratings.