Dixon County Board approves quarterly and monthly financial reports, discusses reserves and anonymous gift
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Summary
Board approved June and July monthly financial reports and an unaudited fourth-quarter report, discussed a $700,000 anonymous gift in reserves and timing for a $1.3 million bonus payout approved by county commission.
The Dixon County Board of Education on Aug. 28 approved multiple finance reports, including monthly financials for June and July and an unaudited fourth-quarter report, while discussing an anonymous $700,000 gift and the timing of a recently approved staff bonus.
District finance staff told the board that June revenues were greater than last year and that expenditures were lower, noting an earlier $15 million transfer the prior year that affects year-over-year comparisons. The fourth-quarter unaudited report showed revenues above budget and expenditures below, producing an unaudited net surplus of about $658,000; staff emphasized the figures are subject to audit adjustments.
Board members asked for details about an anonymous $700,000 gift. Staff said those funds are currently in district reserves (fund balance) and would need to be allocated back into the budget when the board decides how to use them; any transfer to certain accounts would require county commission approval. Finance staff also noted the district had received about $1.3 million in bonus funding that had not yet been paid and is expected to be disbursed in September after a county commission amendment.
The board voted to approve the June monthly reports, the fourth-quarter unaudited financials, and the July monthly reports. Vote announcements in the meeting record were unanimous on these items (multiple “all ayes” calls, one explicit “6 ayes” on the June item).
Board members and staff briefly discussed fuel and utility trends (noted electricity up about $100,000 compared with last year, diesel and gasoline down) and the status of federal grant (142) funds; staff said those funds net to zero as required by grant accounting and that a remaining balance previously noted had been allocated to the sports complex.
The board gave final approval to the reported items by voice vote.
Looking ahead, staff reminded the board that the June/quarterly numbers are unaudited and may be adjusted during the forthcoming audit.