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District financial report: projected $3.85M fund balance; audit finds no issues; legal counsel hourly rate rises to $300
Summary
Director of Fiscal Services Shy Chapman told the board the projected ending fund balance for June 30, 2025 is $3,850,970; Umpqua Valley Financial completed the 2023–24 audit with no findings, and district legal counsel Garrett Hemann Robertson raised its hourly rate to $300 effective Jan. 1, 2025.
Director of Fiscal Services Shy Chapman presented the district financial statement through Dec. 19, 2024 and said the district's "projected ending fund balance on June 30th, 2025, of $3,850,970." She reported that Umpqua Valley Financial completed South Umpqua's financial audit for the 2023–24 fiscal year and that the audit contained no findings. Chapman said the single audit remains pending and she will update the board when it is complete.
Chapman also told the board that changes to state Estimate of Membership & Revenues for 2024–25 were not reflected in the December State School Fund payment because the Oregon Department of Education determined the change at the state level was not large enough to trigger an update; she said new estimates will be available in March. Chapman notified the board that district legal counsel Garrett Hemann Robertson increased its fees effective Jan. 1, 2025, and that "the increased hourly rate is $300."
