Another measure of the lack of financial health of the district in the past was its twice-a-year borrowing for cash flow purposes. Before the start of my term in 2021 and continuing into early in my term, the GSD needed to go out twice a year and borrow money for cash flow purposes. In other words, we needed to borrow money to essentially pay some of our bills. Because of the timing of how our revenue hit our bank account, we didn't always have enough available funds. As you can guess, this was not inexpensive.
This has now changed. To be clear, we still needed to go to market to borrow funds, however, it was only once, and it was for a much smaller dollar amount this past year. We haven't gotten to where we need to be - no borrowing for cash flow purposes - but we have made strong progress toward that goal. We are almost there...
No need to borrow money equals a healthier district from a financial perspective. The district's financial health was important for me in 2021 and is important for me now and in the future.
We are on an excellent trajectory, and I want us to get to the finish line of not having to borrow funds for cash flow purposes.
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