Fremont Re-1 finance chief reports first‑quarter fund balances, enrollment dip and insurance concern

At the Nov. 10 meeting, the district’s finance presenter gave a first‑quarter review of the general fund and related accounts, highlighting revenue and expenditure comparisons with the prior year and flagging an insurance‑renewal risk.

The presenter reported current‑year first‑quarter revenues of about $10,900,000 and expenditures near $6,800,000, producing net income in the period. He told the board the beginning fund balance was roughly $6.5 million and that adjustments — including correction of an ECEA funding recording error of about $1.7 million that was resolved by Oct. 31 — affect year‑to‑date comparisons.

The presenter also noted that several large building payments were drawn from an interest‑bearing account, reducing that account from roughly $23 million to about $11 million and causing the district’s reported bank balances to fall from approximately $51 million on June 30 to about $41 million in September.

On insurance, the presenter said the district’s 12‑month rolling utilization rate is about 112 percent and cautioned that a prior renewal that saw utilization near 100 percent resulted in a 16 percent premium increase; the presenter said the higher utilization could lead to a notable premium change at the next renewal.

Board members asked procedural questions about whether the quarterly report should be pulled from consent for fuller discussion; the chair said historically the board had not required a separate vote but agreed to have the CFO present when needed.

The presentation closed with an audit update: the district had its FY24–25 audit underway with a few questions remaining but no major concerns identified.