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Finance update: education fund up, operations down from last year; rainy-day and tax timing explained
Summary
District finance staff reported June 1 property-tax receipts drove a year-over-year increase in the education fund balance while operations reflected prior-year bond reimbursements moved between funds. The cafeteria fund balance fell sharply versus last year; staff said summer meal activity remains strong.
Kendra, a district finance staff member, presented the Franklin County Community School Corporation’s financial reports at the June 9 board meeting, reporting fund balances and explaining tax-timing and fund movement that affected year-over-year comparisons.
Key figures presented by staff (balances as of May 31, 2025): the education fund balance was $6,803,524.69 (up from $5,658,949.06 a year earlier); the operations fund balance was $2,793,816.93 (down from $6,181,768.22 a year earlier); and the rainy-day fund balance was $4,164,641.37 (up from $1,068,712.84 a year earlier). Interest earned year to date as of May 31 was $183,504.35 (compared with $255,502.43 a year ago). The cafeteria fund balance was reported as $114,221.99 (compared with $561,576.66 a year earlier). The latchkey fund balance was $16,163.78 (compared with $19,695.84 a year earlier).
Staff explained the changes stemmed in part from timing of property-tax installments and the district’s internal transfers: the spring tax installment was received and posted around May 31/June 1, and a prior-year taxable reimbursed bond amount that had been in operations last year was moved this year into the rainy-day fund. Staff said debt-service property-tax receipts are tracked separately in a debt-service fund and will be reflected in June disbursements.
Board questions focused on the size and timing of tax installments, how outstanding checks and small receivables (cafeteria, Chromebooks, library items) are handled, and whether the district uses collection agencies. Kendra said outstanding amounts are typically small, resolved through building secretaries contacting families, and the district no longer routinely uses outside collection agencies for those items.
Quotes and clarifications are taken from the meeting record; figures above are the amounts the finance staff read into the record. The board asked for continued detail during the district’s August–September budget work when state-level property-tax and funding changes are clearer.
