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Committee hears payroll and fund-balance report, questions an earlier $10M bond payoff
Summary
Finance staff reported June payroll and fund balances, showing a year-to-date loss that includes a $10 million bond payoff. Board members asked why the bond had been paid early and sought documentation of bond timing and ESSER-related cash-flow decisions.
District finance staff presented the monthly salary report and a statement of revenues and expenditures for June. The report showed June payroll and related entries that, as presented, produced a year-to-date net loss that includes a $10 million bond payoff.
"The total so far profit loss is 21,000,000 for the year," the finance presenter said, and added that the reported loss includes a $10,000,000 bond that was paid. Committee members asked whether that payoff had to occur when it did and asked for records explaining the decision and rationale.
Members discussed ESSER-related cash-flow practices and a previously issued ESSER bond that, according to staff comments in the meeting, had been taken out to provide cash flow until reimbursements were processed. One committee member summarized the concern: board records and clear presentation of when bonds were issued and paid are necessary so the public and board can understand the district's financial moves.
Staff said final period-13 adjustments will be made when the fiscal year is closed and that a revised report will be provided; board members requested breakdowns by 9‑ and 12‑month employees and documentation of the bond payoff and timing.
