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Mercer County schools report preliminary fiscal-year results showing revenue uptick
Summary
Finance presenter Amber Minor told the Mercer County Board of Education the district’s preliminary fiscal-year numbers show about $31.8 million in revenue (roughly 12% above the prior year), an ending balance higher than last year and timing-related spending on school buses that will affect year-to-year comparisons.
Amber Minor, finance presenter, told the Mercer County Board of Education that preliminary year-end figures show stronger revenue than budgeted and caution about timing-related expenses.
Minor said the district’s revenue at the time of the report was approximately $31.8 million — about a 12% increase from the prior fiscal year and above the budgeted $29.5 million. Local taxes were reported at about $11.1 million (a 7.6% increase). Minor said interest earnings fell compared with the prior year as interest rates declined during the fiscal period.
The nut graf: the figures are preliminary and subject to audit adjustments. Minor said auditors will begin work in early August and the district expects to finalize audited financial statements by Nov. 15.
On the expense side, Minor reported year-to-date spending of about $22.8 million against a budget of roughly $25.9 million, leaving about $3.1 million unspent at the time the report was prepared. She cautioned that timing differences related to school bus purchases could make this year appear to include double bus purchases: purchase orders issued in the prior fiscal year were canceled and reissued for the current year; if buses arrive in the same year they were ordered, the district’s capital spending totals will reflect that timing.
Minor said the district’s ending fund balance was about 17.5% higher than the prior year at the reporting date. She also noted uncertainty about certain federal funding streams that are temporarily halted and said staff will bring more information during the working budget process in September.
Board members asked no substantive questions beyond brief acknowledgement. Minor reiterated that these figures are preliminary and that final audited results could change as late invoices are posted and audit adjustments are made.
The board heard the report as part of routine financial updates; no vote was required.
