Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Coffee County Schools reports stronger-than-expected revenues in May; year-end closeout underway
Summary
Finance staff told the board the district’s revenues through May totaled about $77.61 million and expenditures about $72.19 million, leaving an estimated fund equity of roughly $35.05 million and a projected $1.5–2.0 million addition to fund balance after closeout.
During the June 26 work session, district finance staff presented the financial report through May and an end-of-year update.
Miss Bradford summarized the district’s preliminary totals through May: revenues of $77,610,403.49 and expenditures of $72,188,307.25, leaving an estimated fund equity of $35,054,644.51 as the district began end-of-year closeout. Bradford said district staff expected to add approximately $1.5 million to $2.0 million to the fund balance after final postings and closeout adjustments.
She said the district’s midterm allotment added about $1.2 million to revenue, and property taxes, a strong Title Ad Valorem Tax (TABT) collection and Medicaid claims came in higher than expected for the fiscal year. Bradford noted detailed reports break down revenues and expenditures by category and that the SPA report for May showed revenue of $835,254.10.
Board members did not take action during the work session; staff said they will continue the formal closeout process and report final figures when available.
