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Finance director reports midyear snapshot: fund balance, sales tax transfers and payables
Summary
Miss Hubbard gave a midyear financial update for March saying expenses are about 52%, the fund balance was reported at 50,600,000 (about 3.85 months), the capital projects fund received more than $3,000,000 in sales tax transfers and $500,000 was moved to payables.
Miss Hubbard delivered the board's financial update covering March, describing the district's midyear fiscal position and several intra-fund adjustments.
"Our expenses are at 52%," Miss Hubbard said, reporting the fund-balance calculation and noting, "one month is 13,100,000, and we're sitting at 50,600,000. And that is 3.85 months." She told the board that about $3,000,000 in sales tax has already been moved into the capital projects fund.
Miss Hubbard also said the district moved $500,000 into payables — a contingency the speaker described colloquially as related to a pending lawsuit — and explained that some state funds were being spent down before the fiscal-year end. She pointed the board to a chart showing a modest downward trend in balances for the reported months.
Board members did not ask follow-up questions during the report and proceeded to the consent agenda and subsequent business.
