Background Information:

At the completion of the FY21 Audit, the General Fund had revenues of $137,853,444 and expenditures of $141,877,473. Since our expenditures were more than our revenues, we used $4,024,029 of fund balance.

The original FY21 budget was passed in April 2020 had an anticipated use if fund balance of $5,791,384.

The unassigned fund balance at the end of FY21 is $910,504. For FY22 the assigned category of fund balance includes $2,677,222 for subsequent year operations. Since the passage of the FY22 budget, the Kenai Peninsula Borough has been able to provide us with an additional $2,000,000 from the America Rescue Plan that will reduce the amount of fund balance needed to be used in FY22.

At the Board work session, Mr. Bikky Shrestha, CPA, Assurance Partner with BDO, our auditing firm will be presenting the Comprehensive Annual Financial reports for year ending June 30, 2021.

Item Details

Public Content

Minutes for approval