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District finance director reports narrowed projected surplus and encumbrance-driven spending trends
Summary
The district’s second-quarter financial report shows a reduced projected ending fund balance for the current fiscal year versus the budgeted surplus, rising year-to-date expenditures partly driven by encumbrances and special services, and an upcoming state revenue update that could affect projections.
Lake Oswego School District 7J’s finance director presented the second-quarter financial report covering the six months ending Dec. 31 and briefed the board on revenue, expenditure trends and encumbrances that affect the district’s fund balance.
“That 13,100,000.0 is 10.3% of our budgeted, current year expenditures,” the finance director reported, referring to the district’s audited ending balance carried into the current year. He said the district’s preliminary projection for the current fiscal year’s ending fund balance is…
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