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District finance director reports finalized FY25 audit and projects $1M excess in General Fund
Summary
Director Earl told the board that the FY25 audit is finalized and posted, the IRS arbitrage payment was received, and the General Fund projects about $1.0 million excess revenues over expenditures with an estimated fund balance of $10.4 million as of June 30, 2026.
Director Earl reported updates to the board on auditing, arbitrage and the General Fund during the Jan. 12 meeting.
Earl said the FY25 audit has been finalized, received state and federal approvals, and posted to the district website. She confirmed the December arbitrage payment was received by the IRS and that the finance office has completed its move to new office space. Earl also reported a projected student enrollment increase of approximately 40 students compared with Fall 2024 and an estimated revenue increase of roughly $3.3 million, driven by higher per-pupil funding and increased at-risk revenue.
On the expenditure side Earl attributed increases primarily to staffing levels, a new HEA contract, benefits, expanded middle school operations, utilities and transportation staffing. Based on those factors, the General Fund shows a projected excess of revenues over expenditures of about $1.0 million and an estimated fund balance near $10.4 million (about 18.3% of expenditures) as of June 30, 2026. Earl said the district remains in a strong financial position and will continue to monitor expenditures.
Board members asked questions and discussed the projection; no additional action was taken at the meeting.
