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Bradley County schools report $8.05M undesignated fund balance; outline capital projects and timelines
Summary
Chief finance officer presented the difference between CAFR and undesignated fund balances, current undesignated balance of $8,047,669 (6.87% of the amended budget), recent amendments and the status/timelines for major capital projects including Hopewell, Ocoee Middle and Parkview.
Susan, Bradley County Schools' finance officer, presented a detailed fund-balance and capital-projects update, explaining why the Comprehensive Annual Financial Report (CAFR) totals differ from the school system's undesignated fund balance and outlining current project funding and near-term timelines.
"The CAFR... is all inclusive," Susan told the committee, explaining that certain amounts are designated or restricted and therefore not available for general use. She said the district's undesignated fund balance as of July 1, 2024, was $13,000,327.266 (noting the CAFR line totals on different pages), and that after accounting for designated reserves the district's current undesignated fund balance as of December 31 was $8,047,669, which equals 6.87% of the amended $117,170,839 budget.
Susan walked commissioners through key designated items that account for the $3 million difference between CAFR and undesignated balances: prior-year encumbrances ($662,163), multi-year restricted amounts such as career-ladder and…
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