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Treasurer: timing makes June financials look atypical; $22.5M in MDE revenue not yet recognized
Summary
The district treasurer said June is a 'soft close' month: about $22,500,000 in Minnesota Department of Education and levy-related revenues will not be recognized until the next fiscal year, which explains the appearance of a shortfall though finances remain in line with expectations.
The treasurer told the board that June's financial report is a soft close and that some major revenue items are booked next fiscal year, which can make the month appear weak even when operations are within expectations. "We have about $22,500,000 that we won't receive from MDE until next year," the treasurer said, noting levy funds also have not been recognized and that those entries will be made in a single year-end entry.
The treasurer said the timing of revenue recognition explains why the month looks worse on paper even while program and balance-sheet positions are acceptable. Board members asked questions and accepted the report; accounting adjustments will be completed with year-end close procedures.
