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Preliminary FY24 audit shows $1.6M positive variance; board discusses moving unassigned fund balance to technology and capital reserves
Summary
The district’s preliminary audit showed roughly $1.6 million more revenue than budgeted (partly due to a bond refinancing and late state funds); finance staff recommended reassigning funds — including $1M toward technology for device purchases and planning — and outlined a 75% facility grant award for intermediate roof restoration.
District business officials presented a preliminary audit for fiscal year 2023–24 showing stronger-than-expected results and recommended board action to reassign portions of the unassigned fund balance to fund technology and capital needs.
Miss Hobbs told the committee the district recorded approximately $1.6 million more in net revenue than projected — largely driven by accounting for a bond refinancing and additional state funding that arrived after the budget was adopted. With unassigned fund balance exceeding the district cap, she recommended moving dollars into assigned accounts, including about $1 million for technology to cover planned device purchases and infrastructure.
Why it matters: The board is required to manage unassigned fund balance within policy limits. Hobbs recommended placing money into a technology reserve to plan for middle- and high-school device purchases and to begin 10‑year capital planning. She also outlined a facility-grant award: the district received a school public-facilities grant covering 75% of intermediate roof restoration sections 2 and 3; the district will need to fund the remaining 25% from capital reserves.
Questions and next steps: Board members asked about timing to move funds; Hobbs said the board could vote at the next meeting and that the district must make certain entries for the annual report. She noted assigned funds may be returned to unassigned by board vote if priorities shift.
What’s next: Staff will prepare formal motions for the board to reassign fund-balance dollars and to authorize planning/bids for the roof restoration project; those actions will be scheduled for board consideration.
Speakers quoted: Miss Hobbs; other board members who endorsed the recommendations.
