Cabell County projects bond‑project shortfalls, plans transfers from general fund; projected fund balance remains above GFOA minimum

Cabell County Schools finance staff told the school board that current estimates for ongoing bond projects include several funding shortfalls that will require transfers from the general fund but that the district’s projected year‑end fund balance remains above the Government Finance Officers Association (GFOA) recommended minimum.

At a work session presentation, Chief budget staff (presenter) reviewed four bond projects and line‑item estimates for completed and planned expenses. For the Woody Williams Center, staff said $39,300,000 in bond funds has been applied to that project and about $23.3 million of additional funding is expected from the general fund; staff estimated a roughly $150,000 additional general‑fund contribution for furniture, equipment and network‑related hardware still to be bid. Meadows — a project partially funded by the U.S. Small Business Administration (SBA) — is shown with $10.6 million from bonds and $12.5 million in SBA grant support (that figure includes a subsequent $2.5 million SBA augmentation after bids came in), presenters said.

District architects (ZMM) have identified a commissioning step for the Meadows HVAC systems required by the SBA; staff estimated commissioning would cost about $80,000 and said that amount is not yet set aside, so a transfer will be required. Staff also noted commissioning for the other three bond projects is optional and would add roughly $240,000 if pursued; the district said it does not plan to commission the other three buildings at this time.

Davis Creek’s final cost was listed at $18,249,000. Milton Elementary opened the same day as the meeting; staff reported a request on an upcoming agenda for additional Milton furniture and possible slight modifications that together could require about $246,000 from the general fund to “finish Milton the right way,” presenters said. District staff thanked Milton staff, parents and the Milton Police Department for a smooth opening day.

On county revenue trends, staff reported property tax collections at roughly 0.92% below monthly expectations but said that shortfall is small enough historically to resolve by spring collections and that they currently have no immediate concern. The district’s unrestricted fund balance was $44.8 million on June 30; staff projected an ending fund balance of about $30.5 million at the end of the fiscal year after accounting for known project shortfalls and contingencies. The GFOA two‑month reserve benchmark is approximately 16.666% of annual revenues, which the presenter calculated as roughly $27.6 million for the district; the projected balance would therefore remain above that recommended minimum by about $3 million, staff said.

Presenters emphasized that several expense estimates remain preliminary, depend on forthcoming bids and architect input, and could change. No board votes were taken at the work session; staff said they will bring specific transfer or appropriation requests to future agendas as precise figures are finalized.