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District Provides Update on General Fund & Capital Funding Plan
An updated general fund budget document has been attached for reference. Page 1 of the document provides a high level summary of revenue and expenditure changes since the finance committee meeting on February 20, 2017.
There have been many positive financial decisions and factors in recent years (e.g., no millage change since 2013 – 2014, comparator metrics, refunding, contracts, demographics, structural budget shift, etc.).
At this time, our fund balance is 24% of overall expenditures. The strategic question facing the district is whether it is time to consider a modest tax increase to help address capital needs and long-term goals. Identified revenues would be transferred to the Capital Reserve Fund for use within a five-year time period on items in our capital plan. By doing so, we would be able to fund these projects without incurring additional debt-related expenses.