Board approves Agua Fria’s fiscal year 2025 annual financial report

The Agua Fria Union High School District governing board voted Oct. 1 to approve the district’s fiscal year 2025 Annual Financial Report (AFR), staff said.

Chief finance presenter Mike Shepherd walked the board through the AFR process and timelines, explaining the report follows formats provided by the state auditor-general’s office and summarizes major funds, revenues, expenditures and ending fund balances. He noted the district’s growth and corresponding increases in spending and described next steps: once the AFR is approved, the district will publish the report, upload it to the Arizona Department of Education and provide it to the Maricopa County superintendent’s office. The audit firm working with the district was completing fieldwork and will use the AFR to prepare the comprehensive financial report and audited financial statements in coming months.

Shepherd said the AFR is required to be approved by the governing board by Oct. 15 and highlighted timing: "We typically bring it at our October meeting. This one happens to be Oct. 1, so we gave ourselves the absolute minimal amount of time to get this done and in front of you," he said.

A board member moved and a second was recorded; the board then voted to approve the AFR. Recorded votes in the meeting transcript show members voting yes; the chair declared the item approved.

Ending — Staff said they expect to present the audited financial statements and comprehensive annual financial report in the months following the audit completion and will likely return with a budget revision in December once final enrollment figures are available.