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Finance staff reports higher-than-expected 2023–24 balance but flags timing risks
Summary
District finance staff told the board that audit adjustments and unexpected revenues may lift the 2023–24 ending fund balance from about $1.06M to roughly $1.3M, but cautioned that grant timing, encumbrances and special‑revenue deficits pose cash‑flow risks.
The district's finance team presented updated figures for the 2023–24 fiscal year, reporting some reclassifications and late revenues that increased a preliminary ending general fund projection.
"We are now projecting that our ending fund balance could be closer more in the range of $1,300,000," the finance presenter said, while noting the number is a projection until the audit is complete. Staff listed sources of the increase: Medicaid (E‑rate) reimbursements, a vendor refund, and American Rescue Plan (ESSER/ARP) carve‑outs for homeless children and youth.
Board members probed the implications of leaving special revenue fund deficits unaddressed. Finance staff warned that, although parent‑level (200) fund balances are positive now, the district effectively carries internal obligations among sub‑funds that can create cash‑flow strain if multiple child funds draw down simultaneously. The presenter said auditors are scheduled to start Nov. 2 and emphasized that enrollment and the December state school‑fund estimate will be significant inputs for the 2024–25 budget.
The board discussed whether to use a portion of the projected increase for staffing needs (see separate article) versus applying it toward multi‑year special‑revenue deficits; staff proposed prioritizing cash‑flow and then re‑evaluating after the audit.
