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Fulton board hears unaudited FY2526 financials showing surplus; staff to consider restoring reserves
Summary
The board received an unaudited financial report for FY2526 showing roughly $91.4 million in revenue, $87.6 million in expenditures and a surplus that avoided a planned $3.85 million reserve draw; staff said auditors begin next week and recommended restoring the district's unassigned fund balance toward the state's 4% guideline.
Presenter S5 told the board that the district ended fiscal year 2526 with unaudited year-to-date revenue of about $91,400,000 and expenditures just over $87,600,000. "So I just wanted to give everybody an overview on how we ended 2526," S5 said, noting the external audit starts next week and could produce adjustments.
S5 explained the board had planned a $3,850,000 reserve use to balance the budget but that the reserve draw was not required after year-end results, leaving a modest surplus. S5 recommended restoring the unassigned fund balance toward the state's allowable 4%: "They're going to recommend, heavily, is that we put some of that money back to our unassigned fund balance," S5 said. The presenter cautioned that final audited numbers could change the totals and said staff will present options for how to allocate any confirmed surplus for board action.
Board members thanked the presenter and characterized the report as positive news. The board later voted to accept the financials (Action 4.01).
