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Los Olivos reports cash balance just over $480,000 after $75,000 state grant
Summary
Staff reported the district's cash balance at "just a smidge over 480,000," noting that higher property tax receipts and a $75,000 state grant contributed to the balance; committee members said the figures are within expectations.
During the finance committee meeting, staff presented the district's financial reports and said the cash balance was, in staff words, "just a smidge over 480,000." The presentation tied the higher balance to increased property tax revenue and a $75,000 state grant that had not been included previously in the draft budget packet.
The staff member displaying the packet walked committee members through the trial ledger, balance sheet and financial status report in the packet, and said the numbers were generally coming in where expected. Members welcomed the extra funds and noted no action was required on the reports at the committee level. The reports will remain in the budget packet that staff will update before the board hearing.
