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Wenatchee School District hears plan to raise minimum fund balance; proposal due June 3
Summary
District finance director warned current 5% reserve policy likely falls short of covering average monthly expenditures and outlined benchmarks including 8%, 10.5% and a 16% (60-day) recommendation; trustees asked for a multi-year plan and the district will present specific options June 3.
WENATCHEE, Wash.
The Wenatchee School District on May 26 received a detailed briefing on its minimum fund-balance policy from Executive Director of Business and Finance Sean Fitzgerald, who said the district's current 5% reserve policy does not cover average monthly expenditures and that trustees should consider higher benchmarks.
Fitzgerald told the board the minimum fund balance exists to "provide sufficient cash flow for daily financial needs, secure and maintain investment-grade bond ratings, offset significant economic downturns or revenue shortfalls, and provide funds for unforeseen expenditures related to emergencies." He flagged local and statewide risks including declining enrollment, fluctuations in Local Effort Assistance (state funding tied to assessed value and…
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