Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
Board reviews finance report and approves budget amendment adding bonus costs
Summary
The board accepted the financial report for November, heard on cash management and CD purchases, and approved Budget Amendment No. 2, which recognizes a $303,000 bonus and offsets from state pre‑K grants, producing a net shortfall added to the general fund deficit.
The Clinton City School Board on Jan. 13 approved its November financial report and passed Budget Amendment No. 2, which reflects a $303,000 bonus paid in November and related taxes, offset partly by increased revenues including a state pre‑K grant.
Finance Director Scott Ray presented the financial report, saying revenues and expenditures were in line with expectations and noting a healthy cash position: about $3 million in the operating account and an unaudited general fund balance figure provided in the packet. Ray described a cash strategy that included opening multiple three‑month certificates of deposit across banks and expanding use of the state Local Government Investment Pool to earn interest while keeping funds liquid and collateralized per state requirements.
Ray said federal project funds operate on a reimbursement basis (45–60 days turnaround) and that the district’s school nutrition program was roughly breaking even despite a new food‑service management contract. He projected interest‑earnings potential if current balances are maintained.
Budget Amendment No. 2 increases expenditures by roughly $303,000 (the bonus and taxes). That increase was partially offset by higher revenues, including a state pre‑K grant; the amendment produced an estimated additional deficit of about $50,000 for the amendment and moved the general purpose school fund deficit into the neighborhood of $72,000 (figures presented as approximate by staff).
Board members asked clarifying questions about deferred capital project spending (playground and auditorium architect fees) and HVAC budgeting; staff said some capital work will push into the next fiscal year and that reductions in capital spending were intended as deferrals, not cancellations.
The board approved the November financial report by roll call and later approved Budget Amendment No. 2 by roll call vote. The motions were presented as routine financial management items by staff and approved without amendments.
