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Finance chief: cash on hand down $750,000 from last year; nearly $700,000 in grants filed, audits and Skyward conversion underway
Summary
Interim financial lead reported general fund cash of about $5.7 million (roughly $750,000 less than the prior September), nearly $700,000 in grant applications submitted this week, an ongoing Skyward data conversion, and both a forensic audit and annual audit in progress.
The district's financial officer reported the district's cash position, grant activity, software conversion status and audit schedule, and outlined short-term borrowing options to bridge a revenue timing gap before property-tax receipts arrive in spring.
Speaking to the board, the district financial lead said adjusted cash on hand in the general fund is about $5.7 million, down roughly $750,000 from the same time last year after adjusting for open accounts payable related to outsourced payroll. "So difference last year, we had 6 point almost 6,900,000.0. And then this year, adjusting for some open APs related payroll ... we're about 750,000 less than we were a year ago. So, the general fund sits at about 5,700,000.0 right now," he said.
To help the district's cash position, staff reported that they filed nearly $700,000 in grants in the last several days — including Title I, II and IV and other grants — and that grant awards would reduce budget pressure if approved. "In just the last few days, we have filed for grants of almost $700,000 worth," he said.
The board was briefed on the district's software migration to Skyward. Staff said uploads are happening fund-by-fund and month-by-month, with one fund nearly uploaded; full conversion requires reconciliation and adjusting entries and is expected to continue through the end of the year. The district also described two audits underway: an annual audit (field work beginning soon) and a separate forensic audit that district staff said could take several months.
The financial lead outlined short-term financing options to bridge cash until spring tax revenue arrives: interfund borrowing (borrowing from other internal funds), a short-term loan with the district's bank, or participation in a state E-TRAN program that provides advances on future property tax revenue but typically starts in the spring. He emphasized a preference to avoid borrowing where possible.
Other items discussed: the district has moved payroll processing from its prior vendor (K12) back in-house to process October payroll; the district is reconciling Merit Academy accounting entries and absorbing some former BOCES support services.
Why it matters: The report identified a near-term cash gap and the district's plans to pursue grants and possible short-term financing; the Skyward migration and audits may affect the district's ability to produce standard financial reports until the conversion is complete.
Next steps: Staff will continue the Skyward uploads, follow up on grant awards, and work with auditors as field work begins.
