Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Treasurer: June is the district’s largest spend month; some CDs maturing, private‑school payments continue
Summary
Cabell County’s finance director reviewed June financials, explaining large June payroll outlays, two CDs maturing in August, and longstanding payments to private providers for preschool and private‑school per‑diem attendance; treasurer will report back on any changes related to the Hope scholarship.
Cabell County Schools’ finance director presented the June financial report at the Aug. 5 board meeting and said June is traditionally the district’s most expensive month because summer payrolls for teachers and other employees are processed in June. The director said the June expenditures were approximately $35 million for the month (standalone June figure) and that final annual statements will be prepared for presentation in September.
The treasurer noted two one‑year certificates of deposit purchased last year will mature in August; staff will shop for competitive interest rates and return recommendations in the coming weeks. The director said interest rates appear to be easing but that the Fed’s actions have kept rates stable for the moment.
Board members also asked about recurring payments the district makes to private schools and community preschool providers. The treasurer explained a long‑standing practice: the district pays private providers a per‑diem (roughly a dollar per day for each attending student) for children who live in Cabell County but attend private preschool programs under local contracts; annual outlay for those payments commonly runs about $85,000–$90,000. The treasurer said the district typically receives more state aid under the current funding formula that offsets those payments but agreed to research whether the volume or cost of those payments has changed since the enactment of the Hope scholarship.
Board members asked several clarifying questions about the budget and payroll process; the finance director said the district will present final audited results after annual financial statements are completed next month.
