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Board reviews draft financials, discusses $4M fund balance and approves routine motions
Summary
The board reviewed draft financial statements and discussed an apparent more-than-$4 million increase in the general fund balance (largely attributed to interest and CARES Act funds), and approved a slate of routine motions including closing the 2023-24 tax cert reserve, textbook adoption, convention attendance, petty cash and personnel appointments.
The board received a presentation of draft financial statements and a summary of routine motions that the board approved during the meeting.
A staff member presenting the draft statements said the documents were issued on 09/13/24 and that the audit was clean to date. He reported school tax-collection figures (approximately $5,100,000 collected as of 09/17, with portions by lockbox and online) and cited $54,937 collected by the tax collector. The presenter told the board the full financial report will be presented to the full board and accepted at the October meeting after a presentation by an RVP representative.
Board members asked about a reported increase of more than $4 million in the general fund balance. The superintendent and business staff attributed much of the apparent increase to interest earnings and federal COVID-related (CARES Act) funds that had accumulated; they said $3,000,000 of those funds was moved to the capital reserve after June 30 and that some balances were designated to balance the 24-25 budget. The superintendent cautioned that the snapshot as of 06/30 appeared inflated because some transfers occurred after that date.
The chair asked for and secured approvals for a set of routine items: closing the 2023-24 tax certificate reserve account (balance $3,384.67), first and second reading of the meals-and-refreshments policy line item, authorization for five board members to attend the national annual convention, adoption of a Spanish textbook, establishment of petty cash for the school store, and approval of the personnel agenda (permanent appointments, food-service worker, contact coordinators and extracurricular assignments). Motions were moved or seconded as recorded and approved by voice vote (‘All in favor’).
The superintendent said a financial-conditioning workshop will be held in November to explain details of balances, reserves and the district's corrective-action planning related to state oversight. She also said unassigned fund balance is limited in use and can be applied only to reduce property taxes when designated.
