Gravette School Board approves 2024-25 financial report, adopts 2025-26 budget and authorizes temporary $350,000 transfer

The Gravette School District Board of Education on a unanimous voice vote approved the district's annual financial report for fiscal year 2024-25, adopted the operating budget for 2025-26 and authorized the business manager to temporarily transfer up to $350,000 from the building fund to general operating cash to cover short-term cashflow needs until property tax receipts arrive.

The action followed a detailed finance presentation by Dennis, the district's finance lead, who told the board that property-tax and state foundation timing left the district short on operating cash in early October even though year-to-date revenues and cash on hand are larger than the same point last year. Dennis said the district received roughly $400,000 in property tax receipts this month, reported state foundation and salary support payments, and had paid a sizable property-insurance bill that reduced operating liquidity.

Board members stressed that the transfer is temporary and must be repaid when the mid-October tax receipts arrive. The motion authorizes the business manager to move up to $350,000 from building-fund cash to the operating account and to return those funds once…