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Board approves treasurer’s report as district fund balance returns to policy minimum
Summary
The Stillwater Public Schools board approved the treasurer’s report after a detailed briefing showing the district returned to the board’s 11% minimum fund-balance policy following spending cuts, a $2 million transfer from the building fund and stronger-than-expected tax and interest receipts.
The Stillwater Public Schools Board of Education on a unanimous vote approved the treasurer’s report after Chief Financial Officer Christy briefed members on updated fund balances, revenue variances and an accounting-system conversion.
Christy told the board the district’s fund-balance position has improved and, based on the current budget and anticipated revenues, the district is at or very near the board policy minimum of 11% of annual operating expenses. ‘‘We’re basically there right now,’’ she said, adding the board should ‘‘hold the line’’ on spending to keep the district in compliance.
The report listed several revenue variances that helped the balance: current-year ad valorem (property tax) collections ran about $2.3 million higher than auditors’ initial estimates,…
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