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Board told capital reserve was drawn down for planned projects; district maintains 4% unassigned fund balance
Summary
Auditors reported the district used voter-approved capital reserves for planned projects and maintained an unassigned fund balance at the 4% target; auditors noted waiting for state grant payments created a timing-related negative in one capital project account.
Auditors told the board the major change in the year's financials was the planned use of a voter-approved capital reserve for capital projects. The presenter said the capital reserve drawdown was planned and that the district has a plan to replenish reserves.
The presenter noted the district's unassigned fund balance remained at 4% of next year's budget and said that restricted and assigned reserves are earmarked for long-term purposes. The presenter explained one capital-project account showed a negative balance due to timing while the district awaits state grant disbursement.
The presenter acknowledged the figures shown on the slides and thanked district staff for preparing the documentation that allowed auditors to reconcile the timing difference. Where the transcript included unclear numeric fragments about the capital-reserve amounts, the article notes that the precise figure was not clearly stated in the recording and is recorded in clarifying details as "not specified."
