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Finance committee approves financial summaries, notes mixed fund performance and accepts $500,000 school grant
Summary
The Budget and Finance Committee on May 19 approved minutes, cash balances and financial summaries, reviewed revenues and expenditures across funds including delayed grants, and accepted a $500,000 general-assembly award for schools.
The Budget and Finance Committee on May 19 approved meeting minutes, cash balances and the committee’s financial summaries for the period under review, while noting uneven revenue timing across funds and the impact of unpaid grant receipts on reported totals.
Committee staff told members that general fund revenues were appearing low on the top-line because several grants had not yet been paid; without those unpaid grant line items, general fund revenues were reported at about 94.6% of expected, whereas the top-line total revenues were shown as approximately 73%. Committee staff reminded members that sales-tax receipts are received a little over a month in arrears.
Members reviewed several fund-level snapshots: solid-waste revenues were reported at about 98% with expenditures at about 56%; ambulance revenues at about 95.1% with expenditures at 73.7%; debt service revenues at 84.3% with expenditures at 49.2% (with additional payments expected in May); Highway Fund revenues were reported at roughly 49.2% with expenditures near 37.5%, and members noted state aid and bridge-program payments totaling “a little over a million or two” that staff expected in June.
The committee also accepted a $500,000 award from the recent special session of the general assembly for school districts in which 50% or more of schools received a letter grade of A. Commissioner Ford moved to accept the award and Ms. Beverly Atwood seconded; the motion passed with a favorable recommendation. Committee discussion noted that school letter grades had changed two years prior and that the county’s middle and high schools had achieved A grades during recent years.
Committee members approved the submitted financial summaries and directed staff to provide follow-up on a specific refund line item (one member asked about an item labeled $44,0170 and staff said they would follow up). The committee concluded routine fund reviews and moved remaining agenda items to future sessions.
