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Mercer County Board hears finance update showing higher cash balance, official warns federal funds may decline
Summary
At a Board of Education meeting, the district finance presenter reported a higher ending general fund cash balance and reviewed revenue, expense and receipt figures; the presenter cautioned that federal funds driving some increases may decrease going forward.
At a meeting of the Mercer County Board of Education, the district's finance presenter, Miss Minor, reported an increase in the district's general fund cash balance and reviewed revenue and expense figures for the year.
Miss Minor said the ending general fund cash balance was $10,140,000, compared with $7,850,000 the prior year. She reported total general fund revenue, including the beginning balance, of $25,000,000 versus $24,100,000 in the prior year, receipts for the year of $18,640,000 versus $18,510,000, and expenses of $15,700,000 compared with $16,500,000 the year before. In a separate statement she noted an ending balance figure of $9,300,000 at a particular reporting point, compared with $7,600,000 the prior year.
Miss Minor cautioned that some line-item increases reflect timing and one-time federal funds. “It is important to note,” she said, that federal funds received in earlier periods can make year-to-year comparisons appear larger, and the district expects some federal funding levels to decline going forward.
On budget pacing, Minor said the district had received 92.9% of budgeted revenue while 83.3% of the fiscal year had passed, and that 68.3% of budgeted expenses had been expended. She reported April expenses of about $1,400,000.
No formal budget votes or changes were recorded during the meeting; the finance report was presented for the board’s review.
The finance presenter said board members would discuss the budget further in upcoming meetings as federal funding levels normalize.
