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District reports stronger-than-expected ending fund balance in F196 closeout
Summary
Finance staff reviewed the F196 closeout for fiscal year 2024–25: beginning total fund balance about $10,000,001 and an ending fund balance of roughly $10,709,000; Jan explained new state reporting requires recognizing all compensated absences as liabilities.
District finance staff presented the F196 closeout for fiscal year 2024–25 and told the board the district closed the prior budget year with a stronger-than-forecast fund balance.
Jan told the board the beginning total fund balance was about $10,000,000.8 and the ending fund balance was about $10,709,000. Diana said the district had forecasted a larger drawdown in the general fund but actually dipped only about $161,000 rather than the $491,000 previously expected.
Jan also explained a state accounting change requiring the district to report all compensated absences (sick, personal and vacation leave) as a liability for all employees rather than only retirees over a certain age. “We’ve been having to report it… but it was basically reported for those retirees that are age 55 or older. And now we have to report all our comp compensated absence,” Jan said. Board members asked clarifying questions about timing and reporting pages in the F196 packet.
Board members flagged rising insurance and utility costs as pressure points; Jan said insurance spending was in the neighborhood of $780,000 and that statewide MSOC (materials, supplies, operating costs) funding has not kept pace with inflation, leaving districts to cover the gap with local levy dollars.
District staff said they will provide more granular spreadsheets on levy-funded allocations and work with the board on any required budget adjustments.
