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PCSD approves November financial report and adopts 2024–25 budget amendment
Summary
Trustees approved the November financial report and a budget amendment that shifts some Title I salary and benefit expenses to the general fund after federal guidance change; staff projected a modest revenue increase and balanced amendment.
The South Carolina Public Charter School District board approved its November financial report and a budget amendment for fiscal year 2024–25 at the Jan. 9 meeting.
Nick Michael, who presented the November financial report, said the district had received more than $82.3 million in revenue through Nov. 30 and reported total expenditures that left a net gain of $97 district-wide. Michael said the district office recorded approximately $466,000 in revenue and $434,000 in expenditures for a net gain of $31,898 in November, increasing the estimated fund balance to $1,528,874. He noted that roughly 97.64% of the district’s state allocation through November was recorded under the “state aid to classrooms” line.
Board members then considered a general fund budget amendment that increased both projected revenues and expenditures by $296,500 for the year. Michael said the amendment reflects a conservative forecast for additional investment income and authorizing fee revenue, and — critically — reclassifies some Title I salaries and benefits to the general fund after midyear guidance from the South Carolina Department of Education following a U.S. Department of Education audit of Title I allowability. Michael detailed the expenditure increases in the amendment: salaries $150,000; benefits $100,000; travel $16,500; supplies $30,000.
Michael also noted projected additional revenue tied to special populations programs (the Meijer Center) and explained that an advance in funding for services to students with disabilities accounted for a portion of the increase.
Trustees discussed the Title I funding change and PCSD’s preference to absorb district-level costs rather than reduce school allocations. After questions, the board voted to approve the financial report and then voted to adopt the 2024–25 budget amendment as presented.
Votes at a glance: Board approval of November financial report — motion moved and seconded; outcome: approved (verbal aye vote). Board approval of 2024–25 budget amendment — motion moved and seconded; outcome: approved (verbal aye vote).
