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District finance update: year-end transfers, title funds and contingency explained
Summary
District finance staff reported year-to-date cash balances and explained year-end transfers that use Title funds to avoid returning federal dollars. The administration proposed a budget workshop for board members interested in a deeper review.
The district's finance presenter summarized year-to-date cash balances and described closing Title funds to avoid returning unspent federal dollars. The presenter said after adjusting entries and spending Title dollars the district expected certain funds to have zero balances, and that a general-fund cash balance was moved to contingency.
"We were able to get the revenue in, extend it back out, and that left us with Title funds to be closed for the year," the finance presenter said, describing transfers that freed general-fund contingency and allowed certain out-year coding changes. Staff recommended a budget workshop if at least four board members wished a walkthrough of the budget-building process.
The finance update will inform the board's forthcoming budget decisions; administrators said they would follow up with a detailed packet and an invitation for interested board members to join a pre-budget walk-through session.
