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Calhoun County Schools reviews November financials; board approves report
Summary
Chief School Financial Officer presented month-end financials showing ~ $60 million in cash and cash equivalents and projected general fund ending balance of $42.66 million; the board voted to approve the financial statement.
Chief School Financial Officer Mr. Godwin presented the district's financial statements for the period ending Nov. 30, 2024, and the board approved the report by voice vote.
Godwin said cash and cash equivalents totaled about $60,000,000, and investments and related receivables totaled about $15,800,000 at cost basis. He reported an unrealized net gain of roughly $574,000 reflected in reconciling the balance sheet and account statements. The money market sweep account showed year-to-date income near $309,000.
The operations report compared revenues and expenditures to the budget through November (the second of 12 months). Actual general fund revenues were at 15.4% of budget and expenditures at about 15.29%, close to budget expectations. Godwin said the general fund ending balance was $42,660,000, equating to roughly 3.42 months of reserves for the year. Accounts payable checks were about $3,000,000 and payroll (salaries and benefits) about $6,700,000 for the month.
A board member asked whether "helping schools" tag funds had been distributed back to schools; Godwin and other staff said the funds are collected with license renewals and can be promoted at schools and on the district website. A figure of about $15.50 per tag was referenced in the discussion.
After the presentation, a board member moved to approve the financial statement, a second was offered, and the board voted "aye"; the motion carried.
