At the Sept. 18 finance committee meeting, district finance staff presented an unaudited quarterly financial summary for fiscal 2025 showing the district near revenue projections and underspending on expenditures. Staff estimated total revenues at about 100.6% of budget and total spending at roughly 99.3%, producing a projected net addition to fund balance of approximately $6.9–$7.1 million.

CFO Crosby summarized the key drivers: local tax collections were close to expectations, state aid to classrooms declined compared with the prior year (creating most of the state-revenue shortfall) and federal collections—primarily E-rate reimbursements—were stronger than projected. Instructional spending finished slightly lower than the prior year, and intergovernmental transfers (including charter payments) were slightly higher.

The projected fund balance would increase the district's reserve to about 21% (approximately $79 million projected, up from about $72.2 million), which Crosby said would provide about 77 days of operations; the district policy minimum is 60 days. Crosby recommended no transfers to capital at this time because the reserve target aligns with prior committee guidance.

The committee also discussed recent bond-market activity. Finance staff noted a recent refunding that produced approximately $1.6 million in savings and that the district’s timing and financial adviser strategy were important to achieve competitive rates. Board members raised credit-rating comparisons with Charleston and Greenville and asked staff to consult advisers about possible steps to improve ratings.

Board members generally praised the conservative reserve posture. Colonel Guy said the reporting format helps trustees identify issues and avoid surprises; another trustee highlighted the value of the Smartsheet transparency analytics in surfacing spikes and areas for follow-up.

Staff noted the financial statements remain unaudited and that final audit adjustments may change minor line items before the final audit due Dec. 1.