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Finance director reports district on target ahead of May levy; fund balance and cash flows discussed
Summary
The district's finance report showed March cash flow and collection progress ahead of the May levy payment, with administrators reporting a 24% fund balance and projecting a modest surplus while explaining the state's 10% withholding practice for aid receivables.
Pelican Rapids Public Schools officials told the board the district's finances remain on track as the district approaches the May levy collection.
The finance presentation recorded in the meeting attributed the report to Mr. Martinez. The presentation reviewed month‑end March figures and cash flow: reported investments of about $3.9 million at the month start, $1.4 million in receipts during the month, and an end‑of‑month investments balance of roughly $4.3 million. The finance presenter said the district typically targets about $5.5 million in investments by fiscal year end.
The record shows a summary of general fund activity: state revenues and federal allocations were reported (the transcript notes an allocation of $217,000 in federal Title funds with $169,000 collected and $48,000 outstanding). The presenter said the district had collected about 61% of an identified revenue figure and expected revenue to increase substantially in May when the second half of the levy is collected.
The meeting record also notes an earlier statement that the district met its fund balance policy (22–25%) and reported a 24% fund balance. The finance report described operating‑fund expenditures and cash flows for the month of March (payroll and accounts payable figures were included in the public record).
Board members asked for clarification about the state's 10% withholding practice for revenue; the presenter explained the historical rationale (a state holdback to manage enrollment fluctuations and receivable timing) and described aid anticipation programs used by districts in years of tighter budgets.
The meeting record contains multiple numeric figures read aloud; some phrasing in the transcript is inconsistent (for example, a $6.6 million figure and a separate larger budget figure appear in different parts of the report). Where the record is unclear about an exact line‑item or the context for a number, the meeting transcript lists the figure but does not provide the detailed ledger breakdown in public remarks. The business office was recorded as the follow‑up point for any detailed accounting questions.
