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Piedmont Community Charter board approves amended 2024–25 budget with modest surplus
Summary
Board of directors approved an updated 2024–25 operating budget that shows a projected net surplus of about $19,000 after revenue and expense adjustments; trustees reviewed December and January financial reports during the discussion.
Piedmont Community Charter School trustees approved an amended 2024–25 operating budget at their February board meeting after reviewing December and January financial reports.
The board approved the update after Treasurer and Finance Committee members presented month-to-date figures showing total December revenue of $1,892,079.23 against expenses of $1,787,368.02, producing a December net surplus before investments of $104,711.21. The committee reported a January month-to-date net deficit of $39,537.32, offset by investment income, leaving a January net surplus of $16,125.79. The amended annual budget presented to the board shows a net difference of $19,048.61 after increases and offsets in state, local and federal revenue.
The nut graf: The amended budget consolidates updated revenue projections and higher-than-anticipated costs in contracted student services and facilities repairs, while preserving the district’s debt service coverage and days-of-cash metrics.
During the presentation, the treasurer highlighted several line items that changed the projection: a $262,000 increase in state revenue, a $440,000 increase in local revenue and a federal decrease of $21,518. Contracted student services were $199,136 higher than expected, and facilities repairs accounted for about $111,500 in additional expense. The packet showed a projected debt-service-coverage ratio of 1.55 and projected days of cash on hand of about 145.
Board members asked for clarification on the books-and-supplies line; a specific explanation was not provided during the meeting and was recorded as “not specified” in the packet. The treasurer also reviewed cash balances across accounts: operating account, student activities account, investment account and designated funds at the school’s depository (US Bank), including a repair-and-replacement account and a debt-service reserve fund.
The board voted unanimously to approve the amended 2024–25 budget.
Less critical details: the finance report presented month-end cash and investment balances and noted an investment account loss of $71,384.77 in December. The board packet includes the full line-by-line budget detail and anticipated cash position through June 30, 2025.
