FUSD board signs off on FY24 annual financial report after closeout explanations
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Summary
Flagstaff Unified approved its FY24 Annual Financial Report on Oct. 8 after business services staff explained line-item movements, grant timing (including a roughly $1.8 million negative grant balance awaiting reimbursement), and fund balance carryforwards tied to bond projects.
The Flagstaff Unified School District board approved the district's FY24 Annual Financial Report (AFR) at its Oct. 8 meeting after a detailed presentation by business services staff.
Miss Stevens (business services) led the AFR review and acknowledged a team of staff who contributed to year-end close activities. The presentation walked the board through revenue and expense breakdowns by function, including instruction, plant services, student support, transportation and central services. Stevens said FY24 included a one-time payment that affected year-over-year percentages and reminded the board that certain longstanding line items (for example, a $2,200,000 grandfathered figure) remain unchanged by accounting conventions.
The report explained several key movements: increased instruction spending tied to raises and a one-time payment, changes in special education and pupil-transportation coding as some positions and expenses moved out of ESSER grants, and assorted capital outlay and bond fund carryforwards. Stevens highlighted that some grant lines showed negative balances (one near $1,800,000) due to timing while the district completed bills and awaited reimbursable grant payments; staff said completion reports had been filed and reimbursements are pending.
Board members asked clarifying questions about OPEB reporting, instructional minutes, and specific line items such as a director's salary partially funded by a state grant where M&O covered the remainder. Staff also noted they would continue to monitor pupil transportation costs and described the district's carryforward in the unrestricted capital outlay fund and roughly $3,000,000 remaining from the 2018 bond.
After questions, the board moved, seconded, and approved the AFR by voice vote.
The approval allows staff to submit the finalized AFR to state reporting channels and to roll fund balances into the new fiscal year as required by accounting cycles.