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Finance staff reports January finances; board hears list of small budget amendments and a large projected interest gain
Summary
Glynn County Schools’ finance staff presented January financials showing general fund revenues at 76.9% of budget and expenditures at 53.4%; staff listed grant increases and a projected $905,900 interest income increase and described several expenditure adjustments including insurance and program grants.
Miss Cody presented the district’s January financial report at the March 6 work session, summarizing revenues, expenditures and several budget amendments.
She reported general fund revenues were at 76.9% of budget and expenditures at 53.4% through January, leaving a budget position of roughly 58% for the fiscal year to date. Staff listed four small grant revenue increases and corresponding expenditure increases: an Economic Development Partnership grant ($3,500), a RISA Mental Health Awareness grant ($6,000), a PERA to Teacher grant ($15,000) and a Literacy LEAD grant from First District RISA ($12,000). In addition, staff said interest‑income projections for the remainder of the fiscal year have increased by $905,900.
On the expenditure side, Miss Cody said the GSBA insurance renewal required an increase of $124,500 (she said the cybersecurity portion was about $50,000 of that figure), and the budget includes a $300,000 increase for a school identified in the presentation as “Leeds Academy” and a $33,100 increase for E‑Rate. When asked about tax collection trends, staff said collections are roughly in the same place as last year and that the next year’s budget will assume a 97% collection rate rather than 98% based on conversations with the tax commissioner’s office.
Board members asked clarifying questions about the insurance increase and tax collection assumptions; Miss Cody said she will incorporate anticipated insurance increases when preparing next year’s budget starting in April.
