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Show Low Unified approves 2023-24 Annual Financial Report; district reports $41.5 million in expenditures
Summary
The governing board approved the 2023-24 AFR and school-level AFR. District finance presenter Karen Smith summarized $41.5 million in total expenditures, about $17 million in M&O spending, and carryforward reserves intended to ease the loss of ESSER funds.
Karen Smith presented the district's 2023-24 Annual Financial Report and school-level AFR and asked the board to approve both reports so the district could meet the Arizona Department of Education’s Oct. 15 statutory filing deadline.
Smith said total district expenditures for 2024 were $41.5 million. The maintenance and operation (M&O) fund accounted for just over $17 million; the classroom site fund (commonly called Prop 301 or classroom site fund) paid primarily for teacher salaries and benefits; capital outlay and School Facilities Board grants covered building and capital improvements. Federal and state grants accounted for roughly $7 million of spending, Smith said, noting that more than half of that amount was ESSER (COVID-related) funding that will largely expire and reduce grant spending in FY2025.
Smith described district carryforward balances the board planned to use to soften the transition off ESSER funds: roughly $6 million budgeted in the M fund carryforward and about $2 million in unrestricted capital. She said the district intentionally maintained higher-than-projected carryforward to preserve budget flexibility for unexpected costs such as bus repairs or major facility maintenance. "We built up our budget balance carry forward to help us wean off the roughly $10 million in ESSER dollars we received over the last several years," Smith said.
Board members moved to approve the AFR and school-level AFR as presented. The motion passed by voice vote.
