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District finance presenter reports bond payoff, $16.8 million projected year‑end loss
Summary
The district’s finance presenter told the committee the sinking fund showed about $9 million moved after a bond payoff, leaving a general fund balance of $13.8 million and a projected $16.8 million loss for the fiscal year; members discussed recurring transfers and upcoming budget amendments.
The district finance presenter reviewed the March 31, 2026 balance sheet and said prior restricted sinking-fund cash of about $9 million is now zero after paying off a bond. The presenter reported general-fund current assets of approximately $26.2 million, current liabilities near $12.4 million and a total fund balance of about $13.8 million.
The presenter said revenues and expenditures through the reporting period showed the district has collected roughly $90 million in revenue and recorded $109 million in expenses year to date, producing a year-to-date loss and a projection of a $16.8 million loss for the fiscal year. "We paid off that bond," the presenter said when explaining the change to previously restricted cash.
Board members sought clarification about recurring operating transfers from specific funds into the general fund to cover salaries and benefits; the presenter confirmed the transfers are recurring and part of regular payroll accounting. Sales-tax collections for March were discussed as part of revenue reporting and were presented as roughly $1.3 million for the month and about $13 million year to date.
The presenter said a first amendment to the budget will be proposed and additional amendments may follow as staff review fiscal-year expectations.
Next steps: staff will prepare the formal budget amendment and return it to the board for consideration.
