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District budget report: revenues lag budget but administrators expect to meet targets; fund-balance dispute with DRA continues
Summary
Administrators said April-to-date revenues and expenses track to budget and projected unassigned fund balance is under review; they reported the district has sought Department of Revenue Administration guidance about fund-balance retention and plans to engage legal counsel for further review.
The district’s finance presentation compared actual revenues and expenses through April 30 to both the previous year and the current budget. Administrators said revenue collected was $63.7 million as of April 30 against a $73.3 million budget (about 87% collected) and expenses incurred were $60.4 million, with projected year-end expenses around $79 million.
When a board member requested a rough estimate of unassigned fund balance, administrators outlined the calculation method used by…
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