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City Schools reports $1.48 billion in FY24 revenue; finance staff outline fund-balance and audit timeline
Summary
Finance staff told the board the district recorded $1.48 billion in FY24 revenue, reviewed reporting rules under COMAR and GASB, and described assigned fund-balance uses and one-time federal indirect-cost recovery.
Finance staff presented the fiscal-year 2024 closeout overview to the board on Jan. 20, reporting final revenue of approximately $1.48 billion against a final budget of about $1.40 billion and reviewing audit and reporting timelines required by state and federal rules.
Mary Anne Cox, deputy chief financial officer, and Chris Daugherty, chief financial officer, reviewed the district’s reporting obligations under the Code of Maryland Regulations (COMAR), GASB accounting standards and the Maryland State Department of Education (MSDE) financial manual. They said audited financial statements must be…
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