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Finance lead reports fund balance of $381,000; district borrowed $1 million from capital projects
Summary
The district finance presenter said the accrual-based fund balance sits at $381,000, the county cash balance can show a temporary deficit, and the district borrowed $1,000,000 from capital projects this month with a goal to repay by year end.
Mitch, the district's finance presenter, walked the board through enrollment, fund balances and cash flow, emphasizing the difference between accrual accounting and cash on hand. "Our fund balance is sitting at 3.8 or 381,000," he said, and noted the county cash account showed a temporary negative because of timing of receipts. He explained the district borrowed $1,000,000 from capital projects earlier in the month and said the goal is to repay that loan by the end of the fiscal year.
Mitch also reviewed transportation and depreciation rules for buses and explained that the state’s depreciation payments are based on rolling averages and last-year replacement cost, which influences replacement timing. Trustees questioned drivers of the expenditure increases; staff cited inflation, unfunded mandates, and new required employer contributions for paid family and medical leave as contributors to higher labor costs.
