Poplar Bluff R-I school cash reserves were highlighted Thursday during a review and approval of the annual audit.
Unrestricted cash tops $16 million in a general fund that had more than $21 million as of June 30, said accountant Steve Austin of Kraft, Miles and Tatum.
"About 77 percent of the fund balance for the general fund is unassigned, meaning there are no external restrictions on those funds," Austin reported, adding, "I think it's a good, healthy number for unassigned fund balances for the district."
It's important for the board to monitor this figure, he said.
Austin also recommended the board be aware of long-term debt, for future budgeting purposes.
With no other changes, the district would be debt free by 2039, Austin said. It currently has approximately $48 million in long-term debt. The majority of this is $38.7 million from 2014 construction projects. The oldest debt, $1.8 million, dates back to 2008 building projects.
The district may consider refinancing some debt to take advantage of savings from current market conditions, Superintendent Dr. Scott Dill said. He suggested the district request qualifications from bonding companies and review their options.
"We want to see who could put the best options in front of the board," Dill said.
This would not extend the term of the debt, he said.
The district saw spending in the past fiscal year of approximately $52 million, down about $880,000. The biggest change was the move of the adult education program to Three Rivers College. It represented about $700,000 of the decrease, Austin said.
Revenues were $54.7 million, a decrease of $713,000. The largest portion of the decrease came from the move of a nursing program to Three Rivers College, Austin explained.
Approximately $730,000 was spent from the general fund cash reserve in the last fiscal year, he said.