SAN BENITO — The school district has been under review.
For the past several months, the district’s financials have been looked at by local financial advisors.
The results of that audit were presented during a finance committee meeting last week.
Quentin Anderson, a financial advisor with Long Chilton LLP, updated school leaders on their financial performance.
According the audit, the district’s total net combined position was $34.7 million at the end of the fiscal period.
Net position refers to the difference between assets and liability.
“The bigger the net position, the better you feel,” Anderson said. “The more it increases during the year, the better you feel.”
The year before, the district had a net position of $24 million.
Last month, Superintendent Dr. Adrian Vega assured the community the district was financially sound, making it a prosperous new year.
“It appears that when we begin to build next year’s budget, not only will we continue to meet our financial obligation while maintaining a steady fund balance, we will also be able to budget for equity adjustments and raises,” he said.
The 2016-2017 school year’s adopted budget is $112 million.
Breaking it down, about $13 million is local revenues, $87 million is state revenue and $11 million is federal.
“These sources make up the budget,” Vega said.
Recent audit numbers show increases in several areas, with $22 million in the general fund, an increase from the prior year. The general fund, according to Anderson, is the districts primary focus.
“You always want your fund balance to be higher,” he said.
There was also $31 million in assets, $111 million in total revenue and $96 million in expenses.
Not including assets, that gave the district a surplus of $15 million.
