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Gravette finance report: $5.01 million bond proceeds, cash position and 20% retention limit explained
Summary
Business manager told the board the district closed on bond proceeds of $5,008,004 June 26, reported cash near $10.2 million, and explained the statutory 20% net-legal-revenue retention limit and July 14 net-legal balance of $2.7 million.
District finance staff presented year-end results and the calculation used to ensure the district remains within the statutory 20% retention limit on net legal revenues.
Highlights given on the record: the district closed bond proceeds with net receipts of $5,008,004 on June 26; June property-tax receipts were about $523,000; gross payroll for the month was near $2 million (some employees received two…
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