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Board approves FY2025 budget revision to shift $11 million into unrestricted capital
Summary
The Gilbert Unified District governing board approved Budget Revision No. 2, moving $11 million from Maintenance & Operations into unrestricted capital to increase interest-earning capacity for future facility projects.
The Gilbert Unified District governing board approved Fiscal Year 2025 Budget Revision No. 2 on March 25, authorizing the transfer of $11,000,000 from the district's maintenance and operations (M&O) budget capacity into unrestricted capital (district additional assistance) to increase the district's capacity to earn interest and fund facilities work.
Finance director (presenter) Kristi Betts explained that state law prevents the district from directly spending interest earnings recorded in M&O, but allows designation of new revenue to unrestricted capital, where interest can be spent for capital…
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