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Finance update: FY25 closeout, bank reconciliations and business program review outlined
Summary
District finance staff reported FY25 closeout activities including bank‑statement reconciliation and payroll adjustments after staff departures slowed bookkeeping; a business program review of Infinite Visions recommended web portal access, a chart‑of‑accounts cleanup, position budgeting and employee access workflows.
Dr. Gilson and Dr. Smith gave the committee a status update on FY25 closeout work and the district’s recent business program review of its financial software.
Dr. Gilson described July–August work to finalize FY25 expenditures and encumbrances and to reconcile payroll and grants. "We spent July and August closing out POs, expending incoming and paying bills that were still remaining from the FY25 fiscal year," he said, and added that the major ongoing task is reconciling bank statements with the district’s Infinite Visions financial system.
He attributed part of the reconciliation backlog to personnel turnover: "Due to the departure of the previous finance director in late February and the simultaneously departure of the assistant, I believe it was the assistant treasurer, we lost about four months worth of ability to keep up with the reconciliation," Dr. Gilson said.
Dr. Smith summarized highlights from the consultant’s report on the Infinite Visions implementation, calling it a 20‑plus page diagnostic with prioritized recommendations. He said the report recommends transitioning staff to a web portal with single sign‑on to standardize access, cleaning and consolidating the chart of accounts to improve transparency, implementing position budgeting inside the system rather than in spreadsheets, and rolling out employee self‑service workflows for payroll, leave and contract acceptance.
Dr. Smith said he has assigned Susan and the HR director to prioritize the report’s recommendations and integrate key items into the strategic action plan. The district also plans to stagger the chart‑of‑accounts cleanup into FY27 because FY26 has already been created in the financial system.
Committee members asked clarifying questions about how the district will catch up on reconciliations and how parent/employee communications will be handled during the transition; staff said the treasurer, the accountant and finance leadership will work intensively to reconcile statements and report progress at future meetings.
No formal decisions were taken beyond directing staff to continue reconciliation work and to prioritize the business program review recommendations in coming weeks.
