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CFO urges raising Wenatchee's minimum fund balance to 6%; board refers policy to committee
Summary
Sean Fitzgerald, the district's executive director of business and finance, reviewed fund-balance history and forecasts, recommended raising the board's minimum fund-balance policy from 5% to 6% to reduce the risk of running out of cash during low-apportionment months, and the board referred Policy 60-22 to the policy committee for further work.
Executive Director of Business and Finance Sean Fitzgerald presented the district's minimum fund-balance analysis to the board and recommended increasing the board's minimum reserve target from 5% to 6%.
Fitzgerald said minimum fund balance serves three goals: provide cash flow for daily operations, maintain investment-grade bond ratings and offset revenue shortfalls or emergencies. He reviewed the policy's history (adopted at 5% in 2011), noted the district began the school year at about 9.6% total reserves and finished at…
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