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Board reviews February financial snapshot showing higher general fund balance and capital transfers
Summary
The district reported February financials showing an increased general fund balance compared with the prior year, a required transfer to capital of approximately $17 million (with $13 million moved in February), and expenditures near budgeted levels at roughly 41% of the year-to-date budget.
Chief Financial Officer Pamela Watkins presented the district’s February 2025 financial report, highlighting revenues, transfers and expenditures through the fifth month of the fiscal year.
Watkins told the board the general fund balance stood at approximately $131 million, an increase from about $118 million the previous year. She explained the reporting difference partly reflects reserve accounts created in the prior year. For the month of February the district collected $38.7 million in general fund revenue; district policy and state reporting require a transfer to the capital fund of about $17 million annually, and Watkins said $13 million of that transfer occurred in February with the remainder scheduled in the subsequent months.
Year-to-date revenue totaled roughly $156 million and year-to-date expenditures were about $117 million at the five-month mark, with expenditures at approximately 41% of budget — near the expected 41.67% benchmark for this point in the fiscal year. Watkins noted local revenue timing differences compared with the prior year, and the general fund balance breakout showed specific earmarks: about $6.9 million restricted for transportation, $3.4 million in the foundation, and $2.2 million for charter allocations.
Watkins also reviewed cash-flow statements, comparative monthly and annual revenue/expenditure reports and state reporting exhibits. She reminded the board that certain funding sources are restricted and may only be spent for designated purposes per state reporting rules.
Board members asked questions about timing of the remaining capital transfer and the composition of restricted fund balances. The financial presentation was accepted as part of the regular business for the meeting.
