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Phoenix Elementary board approves FY25 annual financial report showing $54.8M in M&O spending and $1.3M carryforward
Summary
The board accepted the FY25 Annual Financial Report; staff reported M&O expenditures of about $54.84 million, total district expenditures near $108 million and noted $8.1 million in ESSER III one-time funds will not recur next year.
The Phoenix Elementary District governing board voted to accept the district’s fiscal year 2025 Annual Financial Report.
A district presenter summarized the AFR’s scope and compliance obligations, citing statute 19-904 and the Uniform Standards of Financial Records (USFR) and Education General Requirements (EGR) for federal funds. The presenter said FY25 maintenance and operations (M&O) expenditures were about $54,840,000, with salaries and benefits comprising roughly 88% of M&O outlays (66% salaries, 22% benefits). The district reported total FY25 expenditures across funds of nearly $108 million for the 07/01/2024–06/30/2025 fiscal year, and a budget balance carryforward of approximately $1.3 million — about $300,000 better than the $1 million previously projected.
The presenter flagged that grants totals in FY25 include about $8.1 million in ESSER III federal funding that the district will not receive next year, and cautioned that next year’s grant totals will likely be lower. Board members asked for a combined view of revenues minus expenditures across all funds; finance staff agreed to provide a board update with beginning balance, revenues, expenditures and ending balance columns and to share the detailed packet pages that break down funds.
The board voted to accept the AFR after a motion and second; the presentation noted the audit is roughly 75% complete and auditors are scheduled to finish by the end of the month, with the annual comprehensive financial report (ACFR) due Dec. 30.
What’s next: Finance will submit the AFR to the Arizona Department of Education and conclude the external audit; staff committed to returning summary tables to the board showing combined revenues and expenses.
