Background:
Twice during the fiscal year, a school district is required to submit a financial report certifying the district's ability to meet its financial obligations for the current year and two subsequent years. The reports examine the district's attendance, spending patterns, fund balance, reserve for economic uncertainties, and multi-year projections. Staff will present the 2021-2022 First Interim Budget Report, which reflects the district's financial position as of October 31, 2021.
The First Interim reports changes to the District's 2021-2022 budget adopted in June 2021. The projected General Fund Unrestricted ending balance for 2021-2022 is estimated at $29,238,299 which is a 28.31% reserve with total revenues at $95,583,863 and total expenditures at $97,860,383. Note: The operational deficit as of the First Interim for the 2021-2022 year is $2,276,520.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $31,514,819
Total Revenues: $95,583,863
Total Expenditures: $97,860,383
Ending Balance: $29,238,299
Unrestricted Reserve Level: 28.31%
Recommended Action:
It is recommended that the Board of Trustees approve the 2021-2022 First Interim Budget Report, as presented.