Policy 6300 directs: At the close of each fiscal year, the superintendent, as board secretary, shall submit to the board an annual financial statistical report. The report shall include at least a summary of financial operations for the year.
Linked is a PowerPoint presentation of the 19-20 end of year financial statements. If you have questions, please bring them to the meeting and we can go over them.
Also linked is the actual F-196 financial report, which is 80 pages long. The summary and most important documents to review are the Summary, Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance, Statement of Fiduciary Net Position -Trust Fund, Statement of Changes in Fiduciary Net Position -Trust Fund, and the Schedule of Long-Term Debt. We finished the year, with an increase to the general fund balance of about $1,258,000. This is a very unusual increase (I would use the word unprecedented, but I’m assuming everyone is pretty tired of hearing it). The budget included a decrease to the fund balance of approximately $217,000. Items directly affecting total fund balance are documented on slide 4 of the presentation and we will discuss it at the meeting. These are revenue and expenditure items that are greater or lesser than budget but do not have offsetting revenues or expenditures. As an example, if we received an increase to the LAP program revenues, this would affect the program in that we would be able to increase services to students as an offsetting expenditure and not directly affect total fund balance. Please review the documents and let me know if you have any questions, or just bring them to the meeting.