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Cabarrus finance staff reports improved forecast; board approves budget amendment no. 5
Summary
Chief financial officer Phil Penn updated the board on improved projections and spending limits; the board approved budget amendment No. 5 covering state, federal and local fund adjustments.
Cabarrus County Schools' finance staff told the school board on March 3 that the district’s projected deficit had narrowed by roughly $2.1 million since the last report, driven by lower-than-expected health-care costs, lower utilities spending and savings from central-office reductions. The board approved budget amendment No. 5 by voice vote.
At the meeting, Phil Penn, the district’s finance director, told trustees the update included roughly $980,000 in expected health-care savings and about $300,000 in lower utility costs; interest income was modestly higher than projected. He said the district’s new K–8 ELA curriculum would also come in under the board’s earlier fund balance appropriation, reducing the budget gap further. He described ongoing hiring limits to hold the line on current-year spending and said compliance-related hires—special education teachers, bus drivers or grant-funded positions—would still be filled.
Budget amendment No. 5 covered changes across five funds. Highlights presented to the board included a $769,000 increase in the state public school fund (largely for summer reading camps and EC services), a $375,000 net decrease in local funds tied to central-office reductions, a roughly $249,000 increase in federal funds (IDEA and Title I adjustments), a $67,000 increase in the Kids Plus fund tied to a childcare stabilization grant and a $1.3 million net decrease in special funds related to Medicaid adjustments and grant awards.
Board action: The board moved and approved budget amendment No. 5 during the action portion of the night. The motion to accept the amendment was made by Sam Treadaway and seconded by Catherine Moore; the chair recorded the motion as passed by voice vote.
What the district will do next: Penn said cabinet members will re-review budgets for additional savings through the end of the fiscal year. He also said the finance team will reforecast the full-year budget line-by-line at a meeting rescheduled to March 18. Penn did not guarantee the district will close the entire gap by year-end but said staff will continue to pursue hiring limits, grant adjustments and other savings.
Ending: The board’s approval of amendment No. 5 reflects a narrower deficit trajectory after several months of budget work, but district leaders said more work is needed before the fiscal year ends.
