Determine whether the Board and District officials effectively managed the District’s general fund financial condition.
- Over the last five years, budgeted expenditures were overestimated by a total of $16.4 million leading to $13.1 million of the appropriated fund balance not being used.
- The tax certiorari reserve may be overfunded by $13.4 million based on past settlement rates.
- The District does not have a comprehensive multiyear financial plan.
- Adopt budgets that reflect realistic estimates for expenditures based on historical trends or other identified analyses.
- Review reserves to evaluate if they are necessary and reduce unneeded reserve funds in accordance with statutes.
- Approve a comprehensive multiyear financial plan.
District officials disagreed with certain aspects of our findings and recommendations, but indicated they planned to implement some of our recommendations. Appendix B includes our comments on issues raised in the District’s response letter.