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Treasurer: Fiscal year closed July 1 with $6.1 million cash balance; revenues near forecast
Summary
Treasurer reported the district closed the fiscal year July 1 with an ending cash balance of $6.1 million, revenue at about 99.8% of forecast and expenditures at 100.45% (largely due to retiree severance and ESC charges). The FY audit will begin within a month.
The district's Treasurer reported that the fiscal year closed on July 1 and that the district ended fiscal 2026 with a cash balance of $6.1 million.
"I was able to close out the fiscal year on July 1st," the Treasurer said, and provided a snapshot showing revenue at 99.8% of projected forecast and expenditures at 100.45%. The Treasurer told the board the overspend was driven primarily by three retirees electing to take severance in full (rather than split across fiscal years) and higher-than-anticipated purchase services, including an ESC bill that came in above estimate. She said interest revenue had declined and explained that a small portion of the variance was from interest income timing.
The Treasurer said the FY audit will begin within the next month and that LGS is already working on the district's GASB/GAP conversions and related statements. She also reviewed the annual records-disposal schedule (seven-year retention boxes for payroll/accounts payable) and presented a contract with LGS for conversion work. Board members voted to approve the Treasurer's consent items without recorded dissent.
The Treasurer's report and the board's approval keep the district on its timeline for fiscal 2027 planning and the upcoming audit.
