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District finance director reports midyear finances and clean audit
Summary
Board heard a midyear financial statement through Dec. 19 showing a projected ending fund balance of about $3.85 million; the external audit had no findings and the district is completing compliance portions of the single audit due March 31.
The board received a midyear financial report and a summary of the completed audit.
Finance staff (S4) reported the financial statement through Dec. 19 and said Sunpro Valley Financial completed the audit "with no findings." S4 told the board a projected ending fund balance of $3,850,978 and listed the general fund ending balance at roughly $5,000,076.03. "This is probably the most beneficial for you guys to understand where we are at financially," S4 said while summarizing the general fund, special revenue, debt service and capital projects balances.
S4 told the board the district is working through the compliance portion of the single audit, which is not due until March 31, and indicated staff do not anticipate issues. The board asked clarifying questions about the prior-year balances and postings; S4 explained the district recently received prior-year foster care transportation revenues that were posted back to the prior year. The finance staff noted the district submitted updated membership numbers to ODE but that state recalculation likely will not occur until March, a timing that could lead to a temporary overpayment adjusted in later state payments.
Board members thanked staff for the work on the audit and the finance presentation; there were no motions tied to the audit presentation itself.
