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District finance report: cash flow steady; roof retainage still withheld pending final sign-off
Summary
Finance staff reported stable district cash flow through mid-June figures, said the secondary roof contractor's final retainage remains withheld pending final sign-off (delayed by weather), and noted incoming first-half property-tax payments.
The Cannon Falls School Board received a finance update noting steady cash flow across district funds and a continued hold on the secondary roof contractor's final retainage until a final sign-off can be completed.
The district finance presenter said cash-flow reporting now runs through June 15 and that the balance shown aggregates all district funds, including community education, debt service and trust-and-agency accounts. He said retainage tied to a secondary roof project has been repeatedly delayed because final acceptance and contractor availability have been pushed back by weather and scheduling; the district is holding retainage until the final sign-off occurs.
Presenters also noted the first half of property-tax distributions is beginning to arrive and that official cash receipts often appear a few days before funds are posted. The finance presenter offered to answer follow-up questions and said more detailed budget numbers will appear in upcoming meetings as the cycle intensifies.
The board approved the finance report by voice vote; no changes to appropriations were adopted at this meeting.
