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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 submitted to MSDE by Sept. 30 and the federal single-audit package by Dec. 31.
Cox highlighted that revenue variances arise because the district budgets against the January state funding calculation while final state aid is not released until June, requiring accruals and true-ups. She showed that federal revenue includes E-rate, FEMA, Emergency Connectivity Fund grants and other reimbursements, and that investment earnings spiked during FY24 because of high T-bill rates.
On expenditures, finance noted the district spends roughly three-quarters of resources on personnel (salaries and fringe) and highlighted capital outlay and debt-service reporting. Capital outlay included a $22.5 million budget line that staff said reflects contributions tied to the 21st Century Fund, with $10 million attributed to the district and $10 million on behalf of the city.
Staff also identified a one-time indirect-cost recovery of about $9.8 million related to federal ESSER grants and cautioned that such a recovery will not recur at that level. The presentation described how the CEO assigns fund-balance categories for planning purposes and then seeks board approval for expenditure of assigned funds; staff said much of FY24’s positive variance was assigned for capital projects and other prioritized expenditures.
Board members thanked finance for the overview and said they will use the presentation as a basis for questions during the upcoming budget cycle.
Key figures and clarifications presented in the meeting: final revenue approximately $1,480,000,000; adopted/adjusted budget approximately $1,400,000,000; capital outlay budget line $22,500,000 (with $20,000,000 noted as related to 21st Century Fund contributions); one-time indirect-cost recovery $9,800,000 tied to federal grants; audit deadlines per COMAR and MSDE.
