09/23/25 Special Board Meeting - Approval of Annual Financial Report and Cost Report

The Flagler Schools Special Board Meeting held on September 23, 2025, focused primarily on the approval of the annual financial report and cost report. The presentation highlighted the district's strong financial position, including a general fund balance of $11.2 million and an unassigned fund balance of $10.2 million, aligning with board policy. Key procurement-related discussions included the refinancing of Certificates of Participation (COPs) resulting in $700,000 in savings, ongoing debt service payments of $5 million annually, and the maintenance of a healthy capital fund balance to cover unexpected expenses such as a recent $6 million HVAC repair. The board also discussed the sustainability of the zero-charge breakfast and lunch program, noting potential future adjustments due to funding changes. A significant achievement noted was the elimination of the need for tax anticipation notes, saving the district approximately $100,000 annually in interest costs. The board unanimously approved the financial report and related budget revisions necessary to close out the fiscal year.