Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Board accepts FY25 Annual Financial Report; district reports $54.84M M&O spending and $1.3M carryforward
Summary
The governing board approved the FY25 Annual Financial Report after a presentation that showed Maintenance & Operations expenditures of about $54.84 million, total district expenditures across funds of roughly $107–108 million, and a budget carryforward of approximately $1.3 million; staff noted $8.1 million of ESSER III funding in the grants column that will not recur.
The Phoenix Elementary School District No. 1 governing board voted to accept the district’s Fiscal Year 2024–25 Annual Financial Report (AFR) after a presentation and follow-up questions from board members.
Bella Cabot, speaking on behalf of the AFR presentation, explained that the AFR is required by statute and summarizes activity across major funds (maintenance and operations, capital/outlay, classroom site fund/Prop 301 and special revenue/grants). Cabot reported FY25 Maintenance & Operations expenditures of approximately $54,840,000, of which salaries and benefits accounted for about 88% (66% salaries; 22% benefits). The AFR showed total district expenditures across all funds of about $107–108 million for the fiscal year (July 1–June 30). The presentation noted a budget balance carryforward of roughly $1,300,000 compared with a projected $1,000,000 when the budget was adopted — a favorable variance the presenter said she preferred.
Cabot flagged that the grants column included about $8,100,000 in ESSER III funds that are no longer available, and that next year grant totals are expected to decline. She explained the AFR reconciliation process (Infinite Visions accounting, USFR and federal EG R compliance) and said county records were closely aligned with the district’s numbers. Board members asked for a condensed update showing beginning balances, revenues, expenditures and ending balances across funds; staff agreed to provide that in a board update.
After questions on audit timing and accuracy checks, the board moved, seconded and approved the AFR by voice vote.
What’s next: The district said external auditors will complete their review by the end of the month and the district anticipates an Annual Comprehensive Financial Report (ACFR) presentation in December ahead of bond-market deadlines.
