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District reports small unaudited FY25 shortfall after buying Ridgely Road building; fund balance stronger without the purchase
Summary
Murfreesboro City Schools presented and the board approved the FY25 unaudited revenue and expenditure report showing a roughly $875,000 deficit driven largely by a $3.1 million transfer to cover the Ridgely Road building purchase; without that transfer the district would have added about $2.3 million to fund balance.
The Murfreesboro City Schools Board of Education on Sept. 23 approved the district’s unaudited FY25 revenue and expenditure report. Mister Owens, presenting the financial summary, described the report as unaudited and subject to final audit adjustments. Mister Owens said the district’s final revenue projection for FY25 was $112 million and expenditures roughly $113 million, resulting in an $875,000 decrease in fund balance. He told the board a $3.1 million transfer out of fund balance to cover the purchase of the Ridgely Road property accounted for the difference: without that transfer the district would have increased fund balance by about $2.3 million. Owens also noted higher-than-budgeted local option sales tax and investment returns contributed positively to revenue, while departments held expenditures below projections. The board approved the unaudited report by voice vote with no recorded opposition. District staff said the figures are preliminary and that the independent audit in process may change final totals; the board will receive audited statements when available.
