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Meeting Date:
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5/21/2024 - 7:00 PM
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Category:
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DISCUSSION / ACTION ITEMS
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Type:
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Action
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Subject:
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10.1 Approval of the 2023-2024 Third Interim Financial Report
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Attachment Summary
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File Attachment:
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Quick Summary / Abstract:
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Staff is presenting our District's Third Interim Financial Report as of April 30, 2024 for our Board of Trustees' approval.
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Background:
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The California Department of Education requires school districts to submit two certified interim financial reports per fiscal year; the First Period Interim Financial Report as of October 31, 2023 and the Second Interim Period Financial Report as of January 31, 2024. The District’s Second Interim Financial Report was certified as Qualified, which necessitates a Third Period Interim Financial Report as of April 30, 2024.
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Status
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Our Third Interim Financial Report for 2023-2024 is submitted to our Board for approval. The information provided in this report accounts for the changes made between the July 1st Adopted Budget and the closure of the accounting period of April 30, 2024. The report projects that our District will end the year with an ending fund balance of $17,468,527 of which $5,903,246 is restricted Grant funds. Our District is designating $50,000 for the revolving fund, $200,000 in estimated warehouse inventory, and $6,527,066 as a 3% reserve for economic uncertainty. The remaining $4,768,215is undesignated at this time and will be used as a budget solution for the 2024-2025 fiscal year.
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Fiscal Impact
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The total of projected expenditures for the General Fund Budget as of the Third Interim Financial Report is $217,568,835.
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Superintendent's Recommendation:
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The Superintendent’s recommendation is that our Board of Trustees approve the 2023-2024 Third Interim Financial Report.
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Approvals:
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Recommended By:
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Signed By:
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Teresa Fiscus - Assistant Superintendent
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Signed By:
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Chris Van Schaack - Superintendent
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Vote Results:
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| Original Motion | | Member Craig Bueno Moved, Member Steven Drouin seconded to approve the Original motion 'The Superintendent’s recommendation is that our Board of Trustees approve the 2023-2024 Third Interim Financial Report.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Craig Bueno | Yes | | Emily Prusso | Yes | | Kristie Wang | Yes | | Yanira Guzman | Yes | | Steven Drouin | Yes | |
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