Finance director: district budget on track; explains restricted and unassigned fund balance

The Coffee County Board of Education received its monthly budget update on July 14 and heard an explanation of the district’s fund-balance breakdown and the purpose of restricted (assigned) reserves. Finance staff reported May revenue of $767,000 and a year-to-date revenue total of about $47.8 million, representing roughly 91.7% of budgeted revenue. May expenditures were about $4.3 million, leaving year-to-date expenditures at approximately $43.3 million (about 79.1% of budget). The presenter noted the district is a month behind on recording payroll and that final June figures will not be available until after the fiscal-year close. Finance staff explained assigned (restricted) fund balances are dollars earmarked for specific future uses — for example, textbook adoptions, technology replacement (for example, future Chromebook replacement cycles) and transportation (bus purchases and diesel price volatility). The director said the district’s unassigned fund balance was roughly $12 million and assigned/restricted balances were about $8 million, yielding an approximate total fund balance of $20–21 million. Board members asked for a future report listing each assigned fund and its balance; the finance director said she would provide a detailed listing after the fiscal year close and in a work session. The board voted to approve the budget update as presented.