Districts account for the local, state, and federal money they receive using various funds. A fund can have a cash balance if the district transfers more funding into it than it spends. Districts maintain unencumbered cash balances for several reasons but receive little guidance about how much balance to maintain. After adjusting for inflation, total unencumbered cash balances statewide grew 35% from $1.56 billion to $2.11 billion in school years 2009 to 2019. Almost all the growth in unencumbered cash balances over the last 10 years has occurred in just 10 funds. Further, during the 10 years we evaluated, most unencumbered cash balances were in restricted funds which limits districts’ spending flexibility. In school years 2009 to 2019, the 25 districts we reviewed spent most of their unencumbered cash balances on purchases related to construction or maintenance of school buildings. Finally, at the beginning of the 2019 school year, many of the districts we reviewed had cash balances that met or exceeded best practice suggested minimum amounts, but the levels varied significantly. The Government Finance Officers Association (GFOA) recommends districts maintain a total cash balance of at least two months of operating expenditures.