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CFO reports $181,000 state school fund correction, discusses reserves and capital fund idea
Summary
Josie, the district’s CFO, told the board the May State School Fund correction is "just over $181,000," explained it will increase the general fund beginning balance, and recommended considering a capital improvements fund or transfers to build stronger reserves.
Josie, the district’s CFO, reported the district’s May State School Fund correction totaled “just over a $181,000,” largely due to undercollected local property taxes and transportation expenditures higher than projected. She explained that if no special action is taken the correction simply becomes part of the general fund beginning balance on June 30.
Josie and board members discussed reserve targets. The CFO noted the historical target has been about $400,000 but that figure now covers less than a month’s payroll, and she proposed considering a capital improvements fund or other transfer strategies to strengthen reserves. Board members asked for clearer projections and said they expect a budget draft for review ahead of next week’s budget meeting.
