Albuquerque Development News

Finance Committee Approves Agenda, Minutes, Investment Update, and Budget Transfers

The finance committee meeting agenda for June 25th, 2026, was adopted. Subsequently, the minutes from the April 23rd, 2026, finance committee meeting were approved, as no meeting was held in April due to lack of quorum. An update on the district's investment program for the third quarter of fiscal year 2026 was presented, noting improvements in portfolio balance due to higher property tax revenue and strong interest earnings. The committee also discussed approval of intrafunction transfers for the May 2026 grant budget and non-categorical funds. Several questions were raised regarding the movement of funds from compensation to contract services, particularly for summer school bus transportation, early literacy and reading support, and secondary discipline literacy. The rationale provided was budget alignment, grant expiration, and necessary maintenance and repairs, including HVAC work. The need for clarification on technology services transfers and specific software purchases was also noted. Finally, the committee reviewed the May 2026 cash disbursements, including payroll and vendor payments, with a note that individual dollar amounts would be examined for trends and systematic use of funds in future meetings. The district purchase or expenditure exceeding $500,000 for high-quality instructional materials was moved from the consent agenda to a regular board meeting for further discussion.