CAR PFD approves 2024 financial report; ending fund balance $80,670
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Summary
The Capital Area Regional Public Facilities District approved its 2024 annual financial report. Staff reported roughly $2.74 million in revenues (primarily state sales-tax distributions) and distributions per the interlocal agreement; the board voted to accept the report unanimously.
The Capital Area Regional Public Facilities District voted to approve its 2024 annual financial report after a presentation from City of Lacey finance staff.
Finance staff reported roughly $2,742,000 in total 2024 revenues: approximately $2.63 million in state sales-tax distributions to the district, about $11,000 in interest earnings and $5,000 in reimbursements. Distributions were made to the regional partners under the interlocal agreement formula (about 71.8% to Lacey and 28.2% to Olympia/Hands On while collections remain below a stated $40,500,000 threshold). The district ended the year with a fund balance of approximately $80,670.
Board action: Ken Parsons moved to approve the 2024 financial report; the motion was seconded by Chris Glite and carried unanimously. The financial report will be filed and made available to the public per the district’s reporting practices.
Why it matters: Those distributions finance long-term projects supported by the CAR PFD, including the Regional Athletic Complex and the Hands On Children’s Museum expansion. Staff noted that once cumulative collections exceed a $40.5 million threshold, the distribution formula will shift toward a one-third/ two-thirds split; staff projected the threshold could be reached in 2027–2028 based on current collections.
Next steps: Staff will provide audit materials and a recommended meeting schedule to accommodate required audits and SEC disclosure timelines related to outstanding debt.