Adams 12 FACT: Quarterly financial monitoring shows reserves met; bond proceeds spending underway

Aaron Oberg, Director of Finance for Adams 12 Five Star Schools, told the Finance and Audit Committee (FACT) that the district met its statutory and policy reserves in the quarterly monitoring report and presented pre-audited fund balances and planned uses for recent bond proceeds.

The monitoring report matters because Colorado statute and the district’s policies require regular review of reserves, liquidity and internal controls; the report shows how the district is meeting those obligations while beginning to spend bond proceeds approved by voters.

Oberg said statute requires the board to review the district’s financial condition at least quarterly and that the district’s monitoring policy requires presentation of reserves, cash positions (liquidity), payables/receivables, borrowing/spending on mill levy override (MLO) and bond proceeds, and audit/internal-control items. He told the committee that the…