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Tacoma School Board adopts $10 million general fund extension to ensure spending authority
Summary
The Tacoma School District Board of Directors voted unanimously to adopt a $10,000,000 general fund budget extension (Resolution No. 21‑62) to preserve expenditure authority as the district closes out the 2024–25 fiscal year; the extension includes a $3,000,000 transfer from the capital projects fund.
The Tacoma School District Board of Directors voted unanimously to adopt Resolution No. 21 62, a $10,000,000 extension of the 2024–25 general fund budget, during its August business meeting.
The extension, recommended by the district’s chief financial officer, provides additional expenditure authority as the district completes year‑end accounting and closes out the 2024–25 fiscal year. The CFO told the board the request reflects higher‑than‑anticipated costs in salaries, benefits and other operating expenses and includes a $3,000,000 interfund transfer from the capital projects fund into the general fund.
The board’s action preserves legal spending authority while staff finish the year‑end reconciliation. The CFO said the $10 million figure is a ceiling and “does not mean that we’re going to spend all of that; our intent is still to remain below that amount,” but that the district is close to its available fund balance and needs the authority to avoid a binding condition.
Board members acknowledged the district’s precarious financial position and thanked staff for monthly updates. The CFO noted several year‑end items could change the final fund balance and pointed to a payroll that posts Sept. 5 that will be accrued into the 2024–25 year. The CFO also explained the district’s recurring practice of short‑term borrowing from the capital fund for cash flow and the annual requirement to repay that borrow with interest.
The motion to adopt Resolution No. 21 62 was moved and seconded on the record; the board adopted the measure in a roll‑call vote recorded as 5–0.
The district plans continued monthly financial reporting to the board as staff complete closing procedures and identify the final fund balance and any additional year‑end adjustments.
