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Iredell-Statesville CFO outlines $267 million budget, warns of fund-balance pressure
Summary
CFO Adam Steele presented a $267 million budget resolution that budgets a larger draw from fund balance than last year and reflects a smaller county funding increase than requested; board members pressed for long-term solutions and noted state funding and special‑needs costs as key challenges.
Adam Steele, the district chief financial officer, presented the 2024–25 budget resolution to the Iredell‑Statesville Schools Board of Education, saying the resolution the board was being asked to approve set total spending at about $267,000,000 and included local budgeting that relies more heavily on fund balance than last year.
Steele told the board the district “started with over $5,000,000 anticipated to be budgeted out of fund balance,” and that the version presented for approval reduced that planned drawdown to roughly $2,400,000. He said the district originally requested a 14.81% increase from the county but received a 2.7% increase instead.
Why it matters: Board members and administrators said the shortfall and continued inflationary pressure on salaries, benefits and utilities make the coming years fiscally tight. Several board members framed the budget discussion around staffing and direct classroom impact.
Steele gave details on the district’s revenue and expenditure outlook. He listed the district’s state allotment (about $147 million), local budget (about $59 million) and federal programs (about $9.27 million), noting federal ESSER funds have been fully expended. He said the capital budget is $23.7 million and the school‑nutrition budget $12.9 million. Steele also said the district’s 40‑day ADM (average daily membership) report showed an increase of 319 students compared with the state‑funded number, and that the county is expected to provide roughly $728,000 for that increase if approved.
Board members pressed Steele and Superintendent Dr. James on sustainability and long‑term risk. Steele said the district is monitoring spending and may bring amendments if the county or state provides additional funds later. Dr. James and board members said retained programs funded by one‑time federal grants are difficult to sustain when the grant money ends.
Several board members also raised longer‑term funding issues at the state level. Dr. James and board members described special‑needs costs as a major driver of budget pressure; Steele said special‑needs services and other statutory requirements are currently underfunded and that federal and state mechanisms do not fully cover those costs. Board members asked about central‑office cuts, the district’s reserve set aside by the county, and whether employee programs such as subsidized employee childcare could be brought closer to break‑even.
The board and administration said they will return with budget amendments if new revenue is confirmed from the state or county. Steele said he expected to present any county or state adjustments as budget amendments when the funds are available.
Ending: The board received the proposed budget resolution and extensive discussion followed; where the transcript records votes on the budget resolution itself, the outcome was not specified in the meeting record.
