Board reviews January financials and FY24 audit finding; fund balance described as roughly four months of operating expenses

The Coffee County Board of Education reviewed financial reports for the fiscal year as of Jan. 31, 2025, and received the district’s FY24 audit exit review during its Feb. 27, 2025 work session.

Finance staff member Miss Bradford summarized the financials, saying the district began the fiscal year with a fund balance of $29,653,557.59 and had an ending balance as of Jan. 31 of $36,569,460.01. Bradford reported total revenues of $48,982,370.67 and expenditures of $42,045,450.93 to date.

Bradford noted the district typically sees a decline this month but attributed a January increase to delayed tax collections tied to recent weather events. She also said the district had begun receiving revenue from a source referred to in the meeting as “SPLHA 6.”

On the FY24 audit exit review, the board was told auditors identified one deficiency. The finding involved an invoice for a portion of an ROTC facility project that was incurred in FY24 but was received and paid in FY25; auditors said the payment should have been recorded as a FY24 liability. Board members described the issue as a clerical entry the district will correct moving forward.

Board discussion included an observation that the fund balance represents approximately four months of operating expenses; a board member said that level is consistent with conservative fiscal practice. No formal fiscal actions or budget amendments were recorded at this work session; the financial reports were placed on the consent agenda for approval at the regular meeting.

Board members invited follow-up questions before the next meeting and were told audit details are available in the report provided to the board.