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ITEM : 15. Second Interim Fiscal Solvency Report | ||
Contact Person | ||
Agenda Item Type | ||
Recommendation | ||
Background | ||
The purpose of the report is to identify if deficit spending is occurring so that corrective action can be taken in time to avoid financial insolvency at year-end. The report highlights the General Fund, although all funds are included. Projections show adequate year-end fund balances in all funds. The projected unrestricted June 30, 2023, Ending Fund Balance for the District's General Fund is $14,832,462.43 . Of this amount, $9,015,000 is set aside for revolving cash and other committed or nonspendable purposes. The Board identified 6% reserve for economic uncertainties is $3,506,957.04, and the remaining unassigned and unappropriated amount is $2,310,505.39. The projected restricted June 30, 2023 Ending Fund Balance for the District's General Fund is $8,768.340.47. This is mostly comprised of multi-year grants where the full amount is received in a single year. Management is pleased to present a Positive Certification of Financial Condition, meaning that the District will be able to meet its financial obligations for the current fiscal year and subsequent two fiscal years and meet the 3% minimum State Reserve for economic uncertainty. The primary factors that will impact our ongoing annual budget include:
Staff will continue to provide updates to the Board. | ||
Supporting Links | ||
Full SACS Report | ||
Second Interim Budget PResentation | ||