February 6, 2025

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View NOW: Funds reserves grew for Cedar Falls Schools in the course of fiscal year 2019-20, audit reveals | Instruction News

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CEDAR FALLS — Cedar Falls Community Faculties finished the fiscal 12 months with additional dollars in its reserves.

A financial audit acknowledged Monday by the Board of Education and learning exhibits the district’s unassigned normal fund harmony grew by $155,588 to $4.12 million during the fiscal calendar year ending June 30. The unassigned fund stability represents income out there for emergencies and is generally thought of a measure of economical steadiness.

The audit also identified Cedar Falls Schools’ typical obligation bonded and revenue financial debt in addition other liabilities improved, rising from $80.98 million to $83.86 million all through fiscal 12 months 2019-20. Whilst credit card debt relevant to standard obligation bonds and other liabilities reduced, the district took on more via a $9 million revenue bond issued in November 2019.

Much more advancement in that financial debt will arise for the duration of this fiscal year, stated Denelle Gonnerman, the district’s chief fiscal officer.

“I am expecting this to transform again in fiscal ’21, and that is due to the fact we go on to go forward with our amenities with the large college,” she said. Officials anticipate design on the new faculty will get underway up coming 12 months just after bids are awarded afterwards this thirty day period. Revenue bonds are repaid with profits tax resources whilst normal obligation bonds are repaid with residence tax resources.

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