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District reports solid fund balances and near‑target August results
Summary
District financial staff reported August revenues and expenditures roughly on plan, with approximately $10.657 million in general fund cash/investments and a 15.6% unreserved fund balance; debt service and capital project accruals also discussed.
District business staff presented the August financial report, highlighting revenues and expenditures near expectations and a healthy reserve position.
The presenter (S2) said the district’s net cash and investments in the general fund were "at $10,657,000 with 21% of our overall budget" and noted an ending fund balance that met the 5% commitment and left about 15.6% unreserved. The report covered accruals for outstanding bills, capital project closeouts and debt-service receipts tied to junior taxing district revenues.
Staff explained that some capital-project retainage remains until state reconciliation and L&I clearance, so a portion of project funds will be accrued into the next fiscal year. The debt-service fund was reported to be ending higher than the start of year ($1.3M to $1.8M) and staff said the district needs roughly $1M annually to meet debt obligations.
Board members thanked the business office and moved to the next agenda item.
