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ITEM : 14. 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, 2024, Ending Fund Balance for the District's General Fund is $17,144,031.12. Of this amount, $10,015,000 is set aside for revolving cash and other committed or nonspendable purposes. The Board identified 6% reserve for economic uncertainties is $3,874,238.52, and the remaining unassigned and unappropriated amount is $3,254,792,60. 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 State and Federal governments only provide a portion of the revenue necessary to support the required mandated programs of the District. While effort is being put forth to manage these programs, the costs continue to rise with increases in frequency and severity of student needs, as well as escalating costs of contracted services. Staff will continue to provide updates to the Board. | ||
Supporting Documents | ||
FINAL SECOND INTERIM ALL FORMS COMBINED | ||
Supporting Links | ||
Second Interim Fiscal Solvency Update | ||