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District finance officer walks board through PBAM manual, projections and contingency
Summary
Melanie, the district staff member presenting the financial report, explained how the PBAM manual codes funds and expenditures, the district's projection method using year-to-date actuals and encumbrances, and why a $2,000,000 contingency remains in the projected ending fund balance.
Melanie, a district staff member, gave a detailed financial presentation explaining the PBAM manual fund and object coding, how revenues and expenditures are classified, and how the district uses year-to-date actuals plus a projection method to estimate ending fund balances. She told the board the contingency of $2,000,000 is being held per a board resolution and that she includes it in projections so the ending fund balance reflects the board-adopted constraints.
"One of the things that I've been doing is here on the contingency, I have projected that that $2,000,000 is being accounted for," Melanie said while walking through the report. She also explained the appropriation page is based on actuals (not projections), how the working budget differs from the adopted budget when the board approves resolutions, and that large unencumbered balances (currently about $7.9 million on the report) may reflect planned but not yet encumbered projects.
Melanie asked the board what variance thresholds they wanted flagged; the board asked to continue receiving the multi-year projection and to be alerted when a function approaches a negative balance so the board can consider a resolution before violating local budget law. Board members also noted the statewide revenue forecast will be released imminently, and Melanie said updated projections will follow once that forecast is public.
