Treasurer reports $12.2M unencumbered balance and improved interest revenue; board discusses future planning

Treasurer Beth Collier gave a detailed fiscal report noting the district finished fiscal year 2024 with revenues about 2% higher than budgeted and expenditures about 1.1% over. She said higher interest rates produced a jump in interest revenue to "a little over $700,000," and reported an unencumbered general fund balance of about $12,200,000, which she described as roughly six months of cash reserves.

Collier said the district filed a property-tax exemption request with the state board of taxation after a reappraisal caused taxes on a stadium property to rise to "over $100,000," which contributed to the modest budget overrun. She credited persistent revenue growth linked to Grandview Yard projects and said Grandview Yard revenue finished about $166,000 higher than projections.

On the district's five-year forecast, Collier said the model still shows a positive ending balance but projects a gradual decline in later years. Board members discussed a proposed residential development that would expand from about 120 units to 390 units; participants noted the revenue impact is likely years away and provided estimates in the meeting conversation ranging from roughly $585,000 to $700,000 in potential additional revenue, but they cautioned those figures are projections and depend on future completion and valuation.

"We finished the year in a very stable position," Collier said. She told the finance committee she will explore a possible cash-balance policy and work with the committee on best practices for maintaining reserves.

Next steps: Collier will brief the finance committee on a potential fund-balance/cash policy and the board will continue to monitor the five‑year forecast and development-related revenue projections.