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Finance staff brief board on year‑end results and fund‑balance priorities
Summary
Finance staff reported the district did not end the year drawing operating fund balance, explained receivables/payables that make fund balance different from cash, and reiterated the need for reserves to smooth cash flow and preserve the district's S&P credit rating.
La Crosse finance staff told the board Aug. 18 that the district closed the fiscal year without using fund balance for operating expenditures, though cash timing and receivables mean fund balance is not the same as cash on hand.
The presentation explained that revenues are booked as receivables at June 30 and that municipal tax payments (~$11M) and grant reimbursements (~$2.6M) are expected after year‑end. Finance staff described cash‑flow seasonality (state aid in December and January, tax receipts in January) and said the district maintains an unassigned fund balance target (15–20% of prior‑year operating expenditures) to avoid short‑term borrowing and protect its S&P rating.
Board members asked detailed questions about the cash‑flow graph, fund balance dip points, and categories of restricted/committed balances (capital projects, debt service, scholarships, nutrition). Finance explained restricted balances are legally or contractually designated, while committed balances are board designations for future projects and contingencies (e.g., cyber security, capital expansion). The board approved the recommended fund balance designations for 2024–25.
