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Limestone County School System reports stronger November revenues, moves $500,000 to capital projects fund
Summary
Superintendent Randy Sharrell presented monthly financials showing increased revenues for November, $255,000 earned in interest, a transfer of $500,000 to the capital projects fund, expenditures of $20.9 million (14.9% of budget), and a reported fund balance of $43.3 million (about 3.54 months).
During the board meeting the superintendent presented the district’s November financial report, saying revenue improved from the prior month and that the district moved $500,000 into its capital projects fund to prepare for planned building projects.
Sharrell reported the district earned about $255,000 in interest in November. He said expenditures for the reporting period totaled $20,900,000 (14.9% of the annual budget) and the fund balance totaled $43,300,000, which Sharrell said represents roughly 3.54 months of fund balance (1 month is 12.2 on the district’s internal measure for this reporting period).
Board members were given the written financial reports and were told notes were available for review. The superintendent characterized the month’s figures as “good news” compared with the prior month, when revenue was lower.
The financial report was presented as information during the superintendent’s report and no separate vote on the financial statements was recorded.
