Forsyth County Schools finance report: cash position lower than last year as capital spending continues

Forsyth County Schools financial staff told the school board Oct. 28 that the district's cash position and fund balances are lower than at the same point last year as capital projects and debt service payments continue to draw on reserves.

"We started the month off with about $112,500,000 in cash equivalents and ended the month about 98.5," said Larry Hammel during the finance report, noting receipts from the tax collector were still pending and that the district frequently sees a large property-tax related "drop" in early November.

Hammel said the district has used about $8 million to $10 million in fund balance so far this year to support the Mashburn expansion and to make debt‑service payments that had been reserved in prior years. That use, he said, explains much of the year‑over‑year decline in cash and fund balances.

On revenue and timing: Hammel told the board that year‑to‑date revenue collections were slightly behind last year and that the district typically receives a major tax distribution in early November. He noted the district had $10.7 million in certain project funds last year versus a lower balance this year as the SPLOST 6 program finishes current cluster projects.

SPLOST details: Board members asked when the district began collecting SPLOST 6 and Hammel said collections began in 2022; he said SPLOST balances are declining as construction clusters finish and associated payments are made.

What the board did: The finance report was presented for information; no formal board action was taken on the finance report at the meeting.

Provenance: Finance presentation begins at 00:29:11 and runs through the budget and SPLOST discussion ending near 00:36:45.