Fulton County Schools CFO outlines division achievements, pension progress and simplified annual report
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Summary
Chief Financial Officer Marvin Dureef presented a division update highlighting a 95.1% funded pension plan, a new concise annual report featuring student artwork, expanded grant draws and efforts to reduce workers' compensation costs.
Marvin Dureef, Fulton County Schools chief financial officer, told the board on Feb. 11 that the district’s Financial Services Division has strengthened internal controls, expanded grant activity and produced an easier-to-read annual financial report.
Dureef opened by recognizing staff who “handle critical tasks single handedly” across accounting, contracting, budgeting, payroll and related areas, and he singled out the student-artwork initiative that appears in the 2024 annual comprehensive financial report. “Their contributions have added a unique and creative touch to our report,” he said.
The update listed core revenue and fund structures: roughly 63% of general fund revenue comes from local property taxes, about 33% from the state (Quality Basic Education funding and state grants), with the remainder from other local sources. The capital plan fund’s primary revenue source is the special purpose local option sales tax (SPLOST); Dureef thanked Fulton County voters for approving the 1¢ referendum.
Dureef also reported the pension plan is 95.1% funded and said that improvement allowed the district to reduce the general fund’s annual pension contribution by “over $18,000,000 annually starting next year.” He highlighted awards for the district’s simplified annual financial report and said the new 17-page “popular” report will be released publicly after final review.
The division described other workstreams: increasing competitive grant funding, strategies to reduce workers’ compensation costs, contract consolidation to leverage purchasing power, expanded benefits promotion for recruitment and retention, more training for school bookkeepers and professional assistants, and expanded staffing in time management and school-nutrition audit roles.
Dureef also described student-facing activities tied to Financial Services: internships, mentoring, and a scholarship program. He read an update from a scholarship recipient at the University of Georgia to illustrate outcomes.
Board members praised the division’s training, contract transparency and pension-funded improvements during a follow-up discussion. Several asked Dureef to provide materials about the pension and other positive metrics for use at community meetings.
Ending: The presentation concluded with board members agreeing to place items drawn from the division’s update on the consent agenda where appropriate and to circulate the district’s new concise annual financial report ahead of the next board meeting.