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Finance director reports December 2024 cash position, highlights SPLOST and LGIP balances
Summary
Steve Atha presented the district's December 2024 statement of cash receipts and disbursements, year-to-date revenue and expenditure tracking, and balances in SPLOST and LGIP accounts; he said spending is tracking as expected.
Steve Atha, presenting the district's December 2024 financial statement, described cash receipts, expenditures and balances and told the Forsyth County Board of Education that revenues and spending are tracking roughly where the district expected.
Atha said the report functions like a check register: the district began the reporting period with a balance the report listed as $356,000,000, added roughly $43,000,000 in cash receipts for the month, and recorded monthly outflows for payroll and accounts payable. Atha said the year-to-date expenditures are about 50.57% of the budget and that overall revenue collection is roughly 71% of the fiscal-year expectation, driven primarily by property (ad valorem) taxes and QBE grant receipts.
Atha highlighted several fund balances and notes: SPLOST 6 had remaining funds the report listed around $35,000,000; the district warehouses operating funds in the Local Government Investment Pool (LGIP), where total investments were stated as about $343,000,000; the school food services account held a balance he cited as roughly $20.3 million after program revenues and expenditures. Atha said special revenue funds—Title I, Title II, Title III and special education federal grants—were also included and that an IDEA grant comprised a large share of those funds.
Atha explained that the payroll figures on the cash statement represent net payroll checks and that payroll overhead (retirement, insurance, FICA) is recorded elsewhere as part of accounts payable. Board members asked few questions and indicated the figures look comparable to prior years. Atha offered to provide additional comparisons to prior-year numbers if the board wanted them.
The presentation concluded with Atha noting the SPLOST receipts schedule and a list of cash balances held at each school; he described the figures as consistent with prior months.
