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Bentonville board closes fiscal year with $82.9M fund balance; approves budget and surplus of five buses
Summary
The Bentonville School District approved its fiscal-year close and budget July 15, reporting a $82.9 million total fund balance and authorizing the surplus sale of five school buses.
The Bentonville School District Board of Education on July 15 approved its fiscal-year 2024-25 close and budget, accepting a reported total fund balance of $82,900,000 and authorizing the surplus sale of five school buses.
Dr. Schwannhauser, presenting the finance report, said the district had “closed period 12 or 100% of our fiscal year” and reported that “all fund balance right now is at 82,900,000.0. That's about 2,000,000 higher than the prior year.” He told the board that operating fund revenue at close was $254,800,000—“up 15,500,000.0 over the prior year, and that's primarily due to a property tax increase”—and that expenditures were $235,600,000, or $13,100,000 higher than the prior year. He said revenues exceeded expenditures by $19,300,000 and that the closing operating fund balance was $58,600,000, or 23.4%.
The district intends to request board authorization in the coming weeks to move a portion of the operating fund balance into Fund 3 (the building fund). “State law requires that our operating fund balance ends no higher than 20%,” Dr. Schwannhauser said, and he framed the transfer as both a compliance and capital-planning step tied to the district's 2017 building commitment to voters.
Board members approved the fiscal report and budget by roll-call vote. The board also approved declaring five school buses surplus; Dr. Schwannhauser said the buses “will be listed on govdeals.org” and that he will return later with a request to purchase replacements.
The finance presentation closed with the superintendent and board noting that staff will continue to process prior-year transactions during the state-mandated 60-day close period and will return with a specific transfer request to balance the operating fund within the statutory cap.
Ending: The board approved the finance report and budget as presented and directed staff to continue year-end processing and to return with a recommended transfer to Fund 3 and a future bus replacement request.
