Finance director reports preliminary June numbers; district projects modest surplus

Sarah Jones, Talbot County Public Schools staff, presented preliminary and tentative June financial statements and said the district currently projects a modest surplus of about $115,000 for the fiscal year.

Jones cautioned the figures are still fluid because invoices and adjustments continue to arrive after fiscal year close and because certain local unrestricted revenues tied to community-school activity must be recognized only to the extent expenses occurred. She said those community-school revenues sit in the district bank account as deferred revenue until the district recognizes associated expenses, which reduces recognized revenue in the current year even when the cash is on hand.

Jones said auditors had visited in July and will prepare the final audited report by Sept. 30; auditors will return to present final audited numbers in October. Jones also noted the amended budget column reflects board- and county-approved changes earlier this year and that while the current surplus is smaller than in prior years, the district remains in "fine shape." Jones said she plans to present investment-income reporting next month rather than a full financial packet in August because June numbers are likely to change.