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Board approves treasurer's report, claims and payroll in routine votes
Summary
The board unanimously approved the treasurer's monthly financial report, $1.30M in claims for July, and payroll claims totaling $1.376M; Mr. Herbert explained a $284,000 transfer from the education fund to operations and corrected an accounting double-counting issue.
Mr. Herbert presented July financials and asked the board to approve the treasurer's report. He reported a fund balance on property and state-tax-supported funds of $9,368,004, education fund expenditures of $2,809,925 for the month and operations fund expenditures of $771,987. He explained a $284,000 transfer from the education fund to the operations fund aimed to correct prior accounting entries and asked for approval.
The board moved and unanimously approved the treasurer's report. The board also approved monthly claims (prewritten claims $613,237.71; traditional claims $688,345.38; total $1,301,583.09) and payroll claims for multiple pay dates totaling $1,375,984.80. Trustees asked follow-up questions about negative balances shown for some funds and internal transfer accounting conventions; Mr. Herbert said some negative balances reflect reimbursement timing and construction reimbursements and that internal transfers are a State Board of Accounts reporting convention.
