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Board reviews January financials showing $51M general fund balance and multi-month reserves
Summary
Mister Godwin presented January financials reporting roughly $69M in cash and cash equivalents, investments of $16.4M, an unrealized gain of $742,000, sweep income of $585,000 and a general fund balance of about $51M (approximately 5.5 months reserve).
Mister Godwin presented the district's January financial report, saying the district held approximately $69,000,000.6 in cash and cash equivalents and investments and receivables totaled $16,400,000 at cost basis. He told the board the fiscal-year-to-date investment income was "right at a $178,000," and that the balance sheet showed an unrealized gain of $742,000.
Godwin also reported sweep account income of $585,000 for the fiscal year and said the general fund ending balance at the end of January was "right at $51,000,000," which he described as about a 5.5-month reserve. He noted accounts payable for the month were $5,200,000 and salaries and benefits totaled about $7,000,000. Board members asked clarifying questions about revenue timing and year-to-date percentages; Godwin pointed to a detailed portfolio analysis attached to the report and explained revenue timing related to local measure and property tax remittances. The board took no further action beyond accepting the report.
