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Lexington 1 reports tight cash timing; staff seeks permission to refinance 2015 bonds to net $928,000 savings
Summary
Finance staff told trustees the district's general fund balance dipped below the statutory unassigned threshold in September due to revenue timing, and staff asked the board to approve a resolution to refund the district's 2015A general obligation bonds, which staff said would save about $928,000 (2.32% NPV).
Lexington County School District One finance staff reported on Oct. 21 that timing of revenue receipts left the district’s unassigned general fund balance below the 16.67% target in late September, but staff characterized the dip as a temporary timing issue and said revenues should arrive in subsequent months.
The finance report said revenue as of Sept. 30 included about $39 million collected year-to-date, with approximately $24.3 million of that state revenue and about $8 million of local revenue. The presentation showed roughly $77 million in expenditures…
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