District reports $24.2 million fund balance; borrowed $6 million from stabilization fund

The Vicksburg Warren School District reported a fund balance of $24,223,728 as of November during its December board meeting, and staff told trustees the district drew on its cash stabilization fund earlier in the fall to cover routine operating expenses.

According to the financial presentation, expenditures exceeded revenues by about $2 million for the month (a seasonal trend, staff said) and district leaders said they typically dip into fund balance during October through December before property-tax revenues begin arriving in January. Staff estimated the district had borrowed approximately $4 million earlier, and later said including October and November bills the total cash-stabilization borrowing reached approximately $6 million. Officials said they expected tax collections beginning in January to replenish the account and increase the fund balance toward $28 million.

Board members asked for clearer printed materials for the board packet; staff agreed to provide larger slides and single-slide printouts for each chart. Trustees also asked for a follow-up showing the exact amount borrowed from the cash-stabilization fund and pledged to receive a percentage-of-budget report for the year.

The board voted to accept the financial reports as presented.

Details provided at the meeting: staff said revenues year-to-date were close to last year92s levels but that instruction-related expenditures and other spending remain below annual budgeted amounts. The district noted typical cash flow timing causes expenditures to exceed revenues at this part of the fiscal year.

Votes and action: the board approved the financial reports by voice vote. No roll-call vote with individual tallies was recorded in the transcript.