Finance committee hears March 31 fiscal update; general fund balance holds about $61.3 million

Sumter School District finance committee chair Tara Couser Johnson on Thursday received an update from Chief Financial Officer Shatika L. Spearman on the district’s finances through March 31, 2025.

Spearman said year-to-date local revenue totals $33,505,671 and projected local revenue at fiscal year-end is $37,877,654. She reported total year-to-date revenues of $118,175,562, representing roughly a 72% collection rate across revenue sources as of March 31. “To date, our total year to date local revenue is $33,505,671,” Spearman said. She added the district expects to collect the full amounts the state will distribute later in the fiscal year.

The report broke down several major lines: state aid to classrooms is about $61 million collected of an $88 million estimate (approximately 69.8%); federal impact aid collections totaled about $179,000 of an estimated $300,000 (about 60%); and indirect cost reimbursements tied to grant administration totaled about $3.1 million, a result Spearman attributed to extended use of ESSER-related funding.

On expenditures, Spearman said salary and fringe benefit spending — the 100 and 200 codes — are in the expected 65%–70% range for this point in the year, noting payroll is two weeks in arrears and some charges will post later. She identified several expenditure variances, including higher-than-expected property insurance premiums, field renovations for three high-school baseball/softball fields (about $16,006.57), HVAC compressor/condensing equipment (about $24,001.28), and accreditation dues to Cognia.

Food service was addressed separately. The main food service program (600 fund) has budgeted salaries, operations and fringe of about $11.1 million, with $6.1 million spent and about $31,000 in encumbrances, leaving roughly $4.9 million available. The district also reported a 625 food-service fund balance of $3,189,358 carried forward from the prior year; $174,000 has been spent in the current year and roughly $450,000 is encumbered, leaving about $2.5 million remaining. When asked how that carryover was being used, Spearman said it is largely funding equipment purchases and maintenance for the food service program.

Spearman reviewed the district’s fund-balance history since consolidation and noted the audited 2024 fund balance at $61,191,072; if books closed as of March 31 the estimated fund balance would be $61,336,488. “Since 02/2012, we have a record. And so we go now to 02/2024, which is the last audited year, and we have a fund balance of $61,191,072,” she said, adding that the district has added $28,564,341 to the fund balance during her tenure as CFO.

The committee approved the meeting agenda and the February 26, 2025 minutes by unanimous consent. Chair Johnson said the committee will carry several recommendations to the full board, including a proposal on spring 2025 bond proceeds and a recommendation related to a mobile learning van presented later in the meeting.

The committee scheduled a future work session to review the district’s financial statement booklet and to discuss the composition and uses of the general fund balance in more detail.