Woodland Park board hears $2M cash‑shortfall analysis and approves participation in state interest‑free loan
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Summary
Finance staff reported a year‑over‑year decline in cash of about $2.0 million driven by a COP payment and late benefit payments; the board approved participation in the State Treasurer's short‑term interest‑free loan program to bridge cash‑flow timing issues.
District finance staff told the Woodland Park School District RE‑2 board the district’s cash‑on‑hand declined roughly $2.0 million compared with the prior year, partially because of a near‑$600,000 COP payment and benefits that were paid late after issues with an outsourced payroll vendor.
"If we look at November year‑over‑year, our cash on hand has declined by 2,016,000," Finance staff reported, also noting that payroll/benefit payments and COP debt service were contributors.
Staff warned that the full annual audit cannot proceed until Skyward data is fully imported; auditors will not begin field work until that data is complete and the district expects audit timing could affect state deadlines. Finance staff said county withholding of property‑tax distributions is a statutory enforcement action if an audit is not completed after the allowable extension.
To manage near‑term cash flow the board voted to participate in the State Treasurer’s interest‑free short‑term loan program (a bridge loan that must be repaid within the fiscal year). The motion passed by roll call during the meeting.
Board members discussed long‑term revenue pressures including declining enrollment and the loss of sales‑tax revenue; they also discussed working on local revenue strategies and ballot options in the coming months. Finance staff said they will continue reforecasting and will present details at upcoming meetings.
The board also approved the district’s mill‑levy certification by motion and roll call vote during the same meeting.