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Board hears July financials, audit reconciliation plans and grant updates
Summary
Staff told the board July is an early month for FY26 accounting and that revenues and expenditures are being reconciled between FY25 and FY26 during the audit; cash holdings were reported at $2,449,237.82 and a student-activity adjustment and a cyber-security grant submission to MDE were noted.
District staff reviewed preliminary July financial statements and cautioned that July is the first month of the fiscal year and that revenues and expenditures will be reconciled as part of the ongoing audit. Staff said auditors may recommend moving some receipts and expenses between FY25 and FY26; until the audit is complete and state submissions are finalized, the presented revenues and expenditures remain provisional.
Key figures staff reported: July cash disbursements around $732,000; district cash and investments of $2,449,237.82 as of July 31; a UFARS revenue figure of $107,887.79 (noting much of that is FY25 revenue that will be moved); UFARS expenditures reported as $533,633.80; and a reported spending deficit of roughly $425,752 (transcript contained a typographic error in that line; staff explained this is driven by timing and will be resolved in reconciliation). Staff also said federal revenue is shown at 0% for the moment and local revenue around 0.26% received, reflecting the fiscal-year timing.
Staff reported a student-activity fund adjustment moving an expense from the Class of 2032 to the Class of 2025 after advisers raised a question. The district also submitted a cyber-security grant to MDE last week and noted the CTE report was submitted that morning (no CTE-eligible teacher or CTE expenditures were reported for FY26). Staff reminded the board that levy certification will be needed and approved next month.
