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District projects 6.7% ending fund balance; small drop tied to payroll timing
Summary
The district finance director reported a projected ending fund balance of 6.7% for the fiscal year, a 0.5 percentage point decrease from last month's projection explained largely by June payroll timing that concentrates several months of payroll in one month.
The district's finance director reported that the overall financial position and cash-flow projections remain stable but the current projection for the ending fund balance is 6.7%, a decline of 0.5 percentage points from last month's projection. The presenter attributed the change primarily to more accurate accounting of June's payroll, which consolidated multiple payroll periods into a single month.
"Current projections are to have an ending fund balance of 6.7%," the finance presenter said, adding that the decrease was chiefly due to more accurate projections for June's payroll costs. The board accepted the information item; no action was required on the monthly financial report.
