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District projects $3.85 million ending fund balance; audit finds no findings
Summary
Director of Fiscal Services Shy Chapman told the board the projected ending fund balance for June 30, 2025 is $3,850,970 and that Umpqua Valley Financial completed the district's 2023–24 financial audit with no findings. Chapman also noted state estimate changes were not reflected in December state payments and a single audit remains pending.
Shy Chapman, Director of Fiscal Services, presented the district's financial statement through Dec. 19, 2024 and said the projected ending fund balance on June 30, 2025 is $3,850,970. Chapman told the board that Umpqua Valley Financial completed South Umpqua's 2023'24 fiscal year financial audit and that the audit report contained no findings; she noted the single audit is not yet complete and will be reported later.
Chapman also informed the board that changes at the state level to the 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 was insufficient to trigger an update; new estimates are expected in March. Separately, Chapman reported a rate increase from the district's legal counsel: Garrett Hemann Robertson raised its hourly rate effective Jan. 1, 2025 to $300, which the director flagged as a cost change the district will track.
