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CFO briefs Sumter trustees on fund balance versus cash flow; audit results highlighted
Summary
CFO Shatika Spearman walked the board through fund-balance classifications, differences from cash flow, and key audit highlights, including an unmodified opinion and FY24 ending general fund balance.
Shatika Spearman, Sumter School District chief financial officer, presented an educational briefing on the district’s general fund balance and how it differs from cash flow during the May 19 board meeting.
“Cash flow represents the ability of an organization to pay the obligations on time, while fund balance is a sign of overall financial stability and health,” Spearman told trustees, and she explained the accounting difference between the balance sheet and an income (revenue/expenditure) statement.
Spearman walked the board through the five…
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