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CFO: ending fund balance fell as revenues lagged; board asks for financial health report
Summary
CFO Dan Pedersen told the board that the ending fund balance is smaller than the beginning balance because revenues came in below budget despite underspending by about $5.7 million; directors asked for a clear executive summary and KPIs to help the public and board understand district finances.
CFO Dan Pedersen explained the district uses a '13th period' to finalize year-end transactions and that the financial statement dated June 30 will not fully close until after the audit. He told the board the ending fund balance is smaller than the beginning balance because revenues came in below budget even though spending was about $5.7 million under budget.
Director Jose Aparicio said, "many community members may struggle to interpret detailed financial data, so providing a clear executive summary that highlights key points would make the information more digestible and help both the board and the public better understand the district’s fiscal situation." Chair Betsy Hege asked Pedersen to prepare a financial health report and identify common key performance indicators the board can use in work sessions to monitor fiscal health and build reserves.
Board members emphasized transparency and education for the public and discussed using future work sessions to develop KPIs and regular financial summaries. No budget cuts or program changes were approved at this meeting; the board asked staff to prepare clearer reporting for subsequent meetings.
