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Committee reviews audited fund balance, considers 0-based budgeting and bank reconciliation work
Summary
Staff reported audited fund balances showing carryover and near-Moody's recommended reserves, and proposed a more detailed 0-based budgeting review and bank reconciliation improvements flagged by auditors.
Staff told the committee the district carried over $2,680,000 from last year and that the 2023-24 year added roughly $1,880,000 into fund balance, moving reserves close to Moody's recommended level (about 30 percent). The presentation pointed to underspending in salary and benefit allocations as a primary driver of the carryover.
As a response, staff proposed taking a closer, 0-based look at budget accounts to better align allocations with needs. "Using a 0 based budget model is you're looking at everything very closely," the presenter said, describing an approach to review large accounts (salaries, purchased services) and avoid simply rolling balances forward by percentage.
Staff also reiterated an auditor's flagged area: bank reconciliations. They said a former school finance manager working with CSA 5 is helping the district clean up reconciliation work and that the district will continue focusing on that task in the coming months.
Committee members asked how realistic a near-zero underspend target would be and discussed the role of unfilled positions in creating underspending; staff said unfilled vacancies and turnover — particularly in support positions and during recruitment challenges — contributed meaningfully to savings in the year under review.
No formal budgeting action was adopted; the committee requested staff continue developing more detailed budget proposals and point to specific large accounts for review.
