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Business office outlines operating fund concepts and reserve guidance
Summary
Chief Operations Officer Anthony Cozzi gave a detailed overview of the district's operating fund financial concepts, revenue sources, expenditures and industry guidance on fund-balance levels; the Board engaged in a lengthy discussion.
At the Nov. 18 meeting, Chief Operations Officer Anthony Cozzi presented an Overview of Operating Fund Financial Concepts to the Board. Cozzi explained basic definitions, district revenue sources and expenditure categories, and described industry-accepted reserve targets and reasons for maintaining certain fund balances.
Board members asked questions and discussed the presentation at length. The overview provided context for the previously approved consent agenda and the tax-levy resolution, and the administration indicated the funds and reserves will guide upcoming budget decisions and filings.
