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District reports July deficit covered by fund balance; audit had no findings
Summary
Business services reported a July operating deficit of approximately $2 million covered by fund balance, noted payroll is nearly 70% of the budget, and said the independent audit was completed with no findings and will be filed to DPI later in the year.
The board received the district financial report for July and an update on the year‑end audit. Business services said July is the first fiscal month with little revenue (no state or tax receipts) and that expenses – primarily salaries and benefits – created a deficit in July of nearly $2,000,000, which the district covered from fund balance. "Fund balance gets us through in the month of July," the finance presenter said.
Staff told the board the independent audit had no findings or required adjustments and will be finalized for DPI submission later in the fall (auditors typically submit final reports in November–December). The board discussed cash flow seasonality and heard that November is typically the most challenging month for fund balance. No formal budget adoption will occur until after the annual meeting in October.
