Lynchburg schools report FY-to-date finances; insurance fund shows deficit pending audit
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Summary
Finance staff presented October month-end financials: revenues received YTD $29,798,371.06; expenditures about 29.66% of original appropriation; and an insurance fund balance of negative $763,595.77 that finance says may change after the FY2025 audit by Brown Edwards is finalized.
At the Nov. 11 meeting, Lynchburg City Schools' finance staff delivered the October month-end financial report and provided an audit status update.
Key figures: Staff said 33.3% of the fiscal year had elapsed. Revenues collected against original appropriations were reported at 25.01%, while expenditures were 29.66% year-to-date. The total revenue received year-to-date was presented as $29,798,371.06. The staff also noted the district's insurance fund shows a negative balance of $763,595.77, and that number is subject to change following the FY2025 audit.
Audit timeline and effect: Finance reported that all requested audit items have been submitted to auditors Brown Edwards; staff said auditors still must finalize the city's portion before producing final numbers for the district. The finance presenter gave a target of late November to early December for a final audited document and cautioned that the audit will produce truer insurance-fund numbers.
Board questions: Board members asked when the audit would be complete and whether audit adjustments will reset insurance numbers; staff said the district must await the city's finalized portion of the audit before a completed document can be produced.
Next steps: Finance staff will update the board when the audit is finalized and will present any adjusted fund balances at a future meeting.
