Business office outlines July finances, audit work and early‑year deficit; state aid timing noted

Sheena from the business office presented the July fiscal report and audit status, noting that revenues typically lag in July while expenditures are already posting. She summarized July expenditures and line‑item percentages and said the district’s revenue is low at this point because state aid payments are withheld until September/October.

Why it matters: The timing of state aid and property tax receivables affects cash flow and apparent early‑year deficits. Sheena said auditors from the new firm (Brady Marts) have portal access and that staff have begun reclassifying accounts payable and receivable to reflect the correct fiscal year for audit purposes.

Sheena reported an early‑year deficit figure as recorded in the meeting transcript and explained it should improve once property tax receivables and the August state aid payment are recorded. She described steps taken to reconcile federal grant amounts, food service inventory and other audit items and said the district has a plan to spend down allowable fund balances to avoid a prolonged deficit.

Sheena also noted estimated state aid payment timing and amounts as part of budgeting: an expected mid‑August state aid payment was cited as part of revenue projections. She emphasized that the audit team has been proactive this year and that early portal access should speed the audit timeline.

Next steps: The board will review levy certification at the next meeting and approve the levy. Staff will continue audit preparation and post receivables when certified to reduce the early‑year deficit.