Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Board approves positive certification of finances after first interim; staff warns Year 3 risks
Summary
Trustees approved a positive certification of the district's finances after a first-interim SACS presentation; Chief Business Official Diana Davisson warned Year 3 projections will not meet a 20% reserve target and outlined options for deferred maintenance funding.
Chief Business Official Diana Davisson presented the district's first interim SACS report and the Board voted to certify the district's financial condition as positive.
Davisson reviewed assumptions used in the first interim—COLA, STRS/PERS forecasts, lottery revenue and enrollment (declining ADA). She walked the Board through key line items from the SACS summary: projected total revenues for the general fund near $18.5 million (LCFF principal apportionment reflected at $17,254,699), projected total expenditures about $16.2 million for the unrestricted general fund section, and a projected net decrease in fund balance in the multi-year projection. Ms. Davisson warned that while the district meets state minimum reserve requirements, Year 3 projections no longer meet a 20% board-assigned contingency within assigned balances and recommended continued monitoring and use of one-time adjustments at the second interim.
After the presentation, Trustee Larry Glover moved and Trustee Jim Bingham seconded a motion to certify the district's financial condition with a positive certification; the motion carried unanimously among those present. Trustees discussed deferred maintenance options, including a possible transfer from Fund 14 to Fund 40 for a track maintenance need; Board Clerk Cody Lamb noted moving funds to Fund 40 was an option staff could execute.
