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Board hears finance update: audit timeline, $11,757 formula correction and property tax estimates
Summary
Finance staff reported audit work beginning in November, disclosed a formula omission understating the projected ending fund balance by $11,757, and shared Marion County imposed property tax of $9,442,875 with Clackamas County anticipated between $950,000 and $980,000; projected tax collections are about $9.7 million.
District financial staff updated the board on audit preparation and interim financial assumptions, saying auditors will begin work in November and staff aim to present the final audit at the Dec. 9 meeting.
Presenter Kim Dowd disclosed a spreadsheet formula error that omitted a revenue line of $11,757 from a middle column summary; she said correcting the formula increases the projected ending fund balance by $11,757 and that an updated revenue report is posted to BoardBook. "The good news is that was understating my projected ending fund balance by 11,757," she said.
On revenue assumptions, the finance report described uncertainty tied to the state school fund (historically updated in November) and county property tax notices. Marion County imposed taxes for the district at $9,442,875 and staff expected a Clackamas County figure between $950,000 and $980,000; staff projected roughly $9.7 million in property tax collections for the year. The presenter cautioned that imposed amounts typically exceed actual collections.
Board members asked how the numbers compared with spring budget assumptions; staff said the imposed totals are close to the budget but that projections will be refined as county figures and state estimates are finalized.
The district will continue to adjust projections and present the final audited numbers when the auditors complete their work.
