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Board approves bus purchase, vendor payment and accepts August financial reports
Summary
At the Oct. 16 meeting the board authorized purchase of new school buses from state-contract vendors, approved a vendor payment request, and accepted August finance reports showing slight declines in revenue and higher year-over-year expenditures through August.
DeSoto County School Board meeting, Oct. 16 — The DeSoto County School Board approved procurement and finance items including a request to purchase new buses on the state contract, a vendor payment request, and the district's August financial reports and reconciliations.
Staff presented a request (line item 8) to purchase new buses from vendors on the state contract and said the district budget would fund the purchase. The board approved the request by voice vote.
The board also approved payment to a vendor after a principal requested permission to pay for services rendered before a purchase order was issued; staff said steps had been taken to address the issue and to prevent recurrence.
Finance staff reported August figures: general fund revenue collections through August were reported at $44,392,252, down about 1% from $44,409,222 in the prior comparable period. Staff said all-funds revenues were lower after a final drawdown of SR3 funds; staff reported all-funds revenues of about $51,000,084 (down roughly 10% from $56,467,037 last year). General fund expenditures through August were reported at $41,314,498, up about 18% from $35,116,095 the prior year; staff said the increase remains in line with budget projections.
The combined general-fund balance through August was reported at approximately $203,675,008, an increase of about 6% from the prior year figure staff cited. The August cash balance for district maintenance was reported at about $199,754,002.93, and staff said roughly $51,871,004.53 was invested with Regions Bank. The board approved the combined balance sheet, the revenue/expenditure statements and certified that bank reconciliations had been completed with no exceptions.
Why it matters: The approvals clear procurement and routine finance items for the district, and the August report shows revenue pressures after one-time federal/state drawdowns while expenditures have increased against last year.
