Fairfield-Suisun School Board Approves Unaudited Financial Report

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FAIRFIELD — Fairfield-Suisun School District administrators approved the unaudited financial report for the previous school year on Thursday.

The report represents the financial status of all district funds at the end of the school year on June 30. It will serve as the basis for the 2021-22 audit report submitted to the Solano County Superintendent of Schools, according to Amanda Rish, director of tax services, who presented the report to the board.

Revenues were $212.1 million and expenses were $168.7 million. The district received funds totaling $43.1 million from other sources.

“This gave us an unrestricted fund balance of an increase of $345,493,” Rish said. “The unrestricted general fund balance as of June 30 was $31.6 million.”

Unrestricted funds consisted of several funds, including unavailable reserves at $448,723; Vacation funds accrued to $1.3 million; Insurance liability deductible reserve at $775,000; and unrestricted grants at $1.5 million, which will be postponed until next year because some of them were received late and could not be spent, according to the report.

The deferral of capital and other projects amounted to $2.8 million because not all projects were completed last year. The local control/additional focus deferral funding formula was $8.5 million, which left the unrestricted unrestricted unrestricted fund balance at $16 million, according to the report.

The restricted fund balance ended the year at $28 million. Revenues totaled $62.3 million against $94.4 million in expenses, according to the report. The district received funds from other sources totaling $37.9 million, representing a total fund balance increase of $5.8 million.

“We had expected to end the year with a higher fund balance due to last year’s spot values,” Rish said.

A new fund was created this year to monitor retiree benefits. Income from this fund was $3.5 million with expenses of only $1,289, resulting in a negligible change in the balance.

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