The Show Low Unified School District Governing Board on Monday approved the district's FY25 Annual Financial Report (AFR) and the school-level AFR after a presentation by district finance staff.

Shaylee Davis, who presented the AFR package, told the board the AFR is required by statute and must be filed with the state by Oct. 15. "The AFR is required by statute and it must be approved by October 15," Davis said. She reviewed the package components, including maintenance and operations (M&O), capital grants, special revenue funds, the school-level report and the K-3 reading report, which had been submitted earlier.

Davis said total FY25 expenditures were about $30,000,000 and that M&O expenditures were $17,900,000. She reported a projected M&O budget carryforward to FY26 of about $5,500,000 and an unrestricted capital carryforward of roughly $3,300,000. "We still have a $9,100,000 budget balance, which is great for this time of year," Davis said during the presentation. She cautioned that the projected carryforward could change after the Arizona Department of Education (ADE) completes its review and after external auditors complete the annual audit.

The presentation included breakdowns by function and object code: instruction and salaries were the largest shares of spending, while state building renewal grant (SFB) money had declined from the prior year. Davis told the board the district met required maintenance-of-effort tests for special education and M&O spending.

Board members asked clarifying questions about how SFB funding is allocated and about timing for the district's budget revision in December. Board member Joe asked whether building renewal awards change from year to year; Davis said allocations depend on state funding and district prioritization and that districts are effectively queued for limited state dollars.

Following the presentation, a board member moved to approve the AFR and the school-level report as presented. The motion passed by voice vote.

The board packet and Davis's presentation note that the projected carryforward is subject to ADE adjustments and any audit reclassifications; Davis cited prior years' small adjustments as examples. She told the board the district will upload the AFR to the ADE website in mid-October and to the district website afterwards.