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September financial update: revenues rise; COPS payment timing shifts expenditures
Summary
The district reported Sept. 30, 2024 maintenance-fund revenues of $4,464,229 and expenditures of about $6,112,190. Staff said a September COPS interest payment of roughly $564,000 and higher claims explain much of the year-over-year swing; the district’s fund balance rose to about $22.7 million from $18.7 million last year.
Vicksburg — At its Oct. 24 meeting the Vicksburg Warren School District presented its monthly financial update for the period ending Sept. 30, 2024, reporting higher revenues and a notable timing shift in capital-related payments.
Finance staff reported fund 1120 (district maintenance) revenues of $4,464,229 for September, about $400,000 higher than the same month last year. Expenditures for the month were reported as $6,112,190 for fiscal year 2025, compared with $5,036,771 the previous year. Staff attributed the bulk of the difference to the timing of a COPS payment: the interest portion typically recorded in October last year was paid in September this year, a payment staff said was about $564,000.
District staff explained that COPS (the Warren Central High School construction payment stream) remains a district liability with two annual payments: an interest payment around September (approximately $500,000–$564,000) and a principal payment around March (approximately $1.9 million). Finance staff said the district’s remaining COPS principal balance is approximately $30 million.
Overall fund-balance trends showed the district up about $4 million year over year, at about $22.7 million in FY25 versus about $18.7 million in FY24, the finance report said.
Board members asked about audit scheduling and claims items; staff noted items such as monthly service agreements and recent thermostat replacements as contributors to claims costs. The board moved and approved the claims docket and capital-assets disposals by voice vote.
Ending — The board approved the financial report and related claims motions; staff said they will continue audit work and return with any follow-up items.
