Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Finance advisory committee: 2023–24 ends $1.2M in the red; staff expects May state adjustment to improve position
Summary
Newberg SD 29J finance advisors heard that the district closed 2023–24 with an approximate $1.23 million negative general-fund balance and that a May state formula adjustment could deliver roughly $2.7–3.0 million, potentially reversing the shortfall.
Finance staff presented a year-end review on Nov. 6 showing Newberg SD 29J’s 2023–24 general fund revenues totaled about $60.9 million versus a budgeted $65.0 million, leaving the district with a reported negative ending fund balance of about $1.2 million. Gail, the district’s finance presenter, told the committee the largest variance came from state school fund formula adjustments and earlier overestimates of property-tax inputs to the state calculation.
The presentation traced several drivers of the shortfall. Gail said the district budgeted $53.8 million for the state school fund (object 3101) but received about $49.0 million after a May prior-year adjustment and changes to the state’s funding ratio. She also identified accounting reclassifications and improved interest-allocation…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
