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District finance director reports $39.6M legal fund balance; board discusses one‑time bonuses and building fund transfer
Summary
Finance staff reported a June 30 legal fund balance of $39.6 million, up from $36.6M the previous year; the presentation said the district expects to move substantial dollars to the building fund and that one‑time bonuses are possible.
Finance presenter "Jake" told the board the district ended the fiscal year with a legal fund balance of $39,600,000, up from $36,600,000 the prior year, and described investment earnings that fell from roughly $3.5M to $2.5M. "When you look at our fund balances, we truly are, again, in a very, very positive in a good position," Jake said.
Jake said the board previously authorized moving $5,000,000 into the building fund and that, with additional revenues, the district could move north of $10,000,000 to the building fund for future projects and potential one‑time bonuses. He noted payroll timing issues and that the state distributes merit pay according to its rules. Board members asked whether a $1,500 one‑time bonus for all employees would be feasible; finance staff estimated that such a bonus would cost "a little under $4,000,000." Jake closed by noting a full and finalized annual financial review will be presented on Sept. 15.
The discussion centered on stewardship of reserves and tradeoffs between capital moves and potential employee bonuses; no formal vote on bonuses occurred at the meeting.
