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Finance director reports stable fund balance; district moved $2 million to capital projects
Summary
The district's financial officer reviewed year-to-date revenue and expenditures, reporting a general fund balance of $47.6 million as of January and that the district had transferred $2 million to capital projects during the fiscal year.
At the Limestone County Board of Education meeting, the district's finance presenter reviewed interim financial statements for December and January and told trustees the district is approximately one-third of the way through the fiscal year.
The presenter reported $15,300,000 in local revenue collected year to date and said the district has been transferring $500,000 per month to the capital projects fund, noting that $2,000,000 had already been moved this fiscal year. The presenter said the general fund balance was $47,600,000 at the start of January and that the board's cash position equated to about 3.9 months of expenditures.
She told the board the district had collected $689,000 in interest year to date and $224,000 in January from money-market holdings. The presenter noted ad valorem (property) tax receipts are concentrated in December through February and that sales tax receipts continue on the district's regular monthly cycle. The presenter also said the August peak in the fund-balance chart reflected a $15,000,000 advance for technology funding received in August.
The presenter said the district's FY24 audit is in progress and asked trustees to complete a related form. Board members asked routine timing questions about the revenue pattern; no further action was taken at the meeting on the financial report.
The board accepted the financial report as presented and moved on to other agenda items.
