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Selah School District hears year-end financial update; buses delayed, $200,000 track bill posted
Summary
Chris, the district's associate superintendent of operations, told the board the district is close to projections for the 2023-24 year with a preliminary ending fund balance slightly above $10 million, but two ordered buses remain undelivered and a track-refurbishment invoice of about $200,000 was paid in August.
Chris, the district's associate superintendent of District Operations, told the Selah School District Board that preliminary year-end figures for 2023-24 are close to projections and that cash positions remain sound.
"As of July we're 91.7% through the school year; we've received 88.5% of our budgeted revenues and spent 86.4% of our appropriations," Chris said, reporting a preliminary July fund balance of about $10.6 million against a projected $10.2 million. He said the district expects to finalize year-end accounting during the August/September accrual process and to present a formal year-end report in December.
Why it matters: the board must close the books and submit final reports to the state by Oct. 25, and the numbers determine available carryover for next year's budget and capital projects.
Chris reviewed several fund-level details. ASB balances were reported at roughly $460,000. The debt-service fund has paid this year's principal and interest and typically carries $1.4 million to $1.5 million forward for future payments. The capital projects fund showed a preliminary ending balance of about $6.9 million; within that fund, the district paid a little more than $200,000 in August for track refurbishment.
Transportation and timing issues drew board attention. Two buses the district ordered have not yet been delivered; Chris said the vendor made a change order after the state patrol required a modification related to driver cup holders, delaying final delivery and expected payment. He said the district hopes to receive the buses before Aug. 31 so the purchase posts to the current fiscal year; if not, the budgeted capacity in 2024-25 will cover the payment and the district may need a budget extension for vehicle purchases.
Chris explained the accrual (ACR) process the district uses in early September to move expenditures into the year when goods were received but paid in the next fiscal year. He said the board should expect finalized reports after closing; he will present a full year-end package in December.
Next steps: the district will complete accruals and finalize the financial statements in September and publish the final report to the board and to OPI by the Oct. 25 deadline.
