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Finance chief reports bond payoff and improved fund balances; audit findings discussed
Summary
Tim Carroll reported December financials showing general‑fund assets of $42 million and a fund balance exceeding targets; he said the district paid off a $10 million bond on Jan. 29, 2025, producing roughly $3.2 million in savings. The board also reviewed two audit findings, including missing assets and interfund reconciliation delays.
Tim Carroll, who presented the district’s December financial report, told the board the general fund held $42,000,000 in assets against $24,000,000 in liabilities, leaving an $18,000,000 fund balance — above the board’s $14,000,000 target.
Carroll summarized revenue and expense activity for December and said sales‑tax collections are up overall (reported as a 3.1 percent increase). On bond activity he said the district had issued a $10,000,000 bond and that, by retiring the bond early (paid off on "01/29/2025") and placing unused proceeds in an interest‑bearing account, the district saved “about $3,200,000” versus carrying the bond to maturity.
Carroll also reviewed two audit findings from the 2024 audit. The first involved missing assets — items such as a Dell Latitude laptop and a camera — for which partial restitution ($325) has been recovered; the second related to interfund account reconciliations, which staff reported are now current through October 2024.
Board members asked whether investigations had been led by law‑enforcement agencies; staff replied that the OBD (and other agencies) initiated the investigation and that bank/insurance follow‑up contributed to recovery efforts but that the exact mechanics of the loss remain under review. Carroll invited additional questions on the reports; none were offered at the time.
Next steps: staff will continue follow‑up on the asset investigation and maintain updated reconciliations; financial oversight items will return in future finance reports.
