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Richland 2 reports $102.4 million fund balance, expenditures outpacing receipts in first quarter
Summary
CFO reported first-quarter figures showing $59.6 million in general-fund revenue received (14.3% of budget) and $72.8 million in expenditures (17.5%). The district's fund balance stands at $102,383,468, roughly 25% of the general-fund budget and near three months of spending; administrators said timing of revenue explains the gap.
Richland School District 2 presented its first-quarter financial report on Nov. 11, showing typical timing differences between when the district pays expenses and when tax and state revenues are received.
Senior Chief Financial Officer Ms. Williams told the board the general fund had recorded $59,593,424 in revenue through Sept. 30, 2025, equal to about 14.3% of the budgeted amount for the year. She said state revenue receipts totaled $39,353,357 (about 24% of anticipated state revenues) and local property-tax receipts were $11,812,937 (about 8.8% of expected local revenue). Expenditures through the quarter were $72,791,934, or roughly 17.5% of the general-fund budget.
Ms. Williams said fund balance as of Sept. 30 stood at $102,383,468, which the district reported as 25% of its general-fund budget and equates to roughly three months'worth of expenditures. State law requires a minimum one-month fund balance and the district's board policy and GFO guidance favor two months. Credit-rating agencies typically expect at least 2.4 months of balance, administration said.
The presentation also outlined other funds: the district had received about $463,617 in interest on LGIP accounts for building, food service and activity funds and identified $26,231,359 available in capital funds after encumbrances. Ms. Williams noted that some federal reimbursements are on a reimbursement basis and that certain funds may show negative balances midyear pending state reconciliations.
Board members asked about potential effects of a federal shutdown on reimbursements and impact-aid funding. Ms. Williams said the district had not yet seen delays in reimbursements and had not yet received impact-aid funding, but staff were monitoring developments.
What comes next: The quarterly report will be included in board materials and the auditors' financial review is scheduled later in the year. Administrators said they will continue to monitor timing of receipts and expenditures and report back if the situation changes.
Key figures: $59,593,424 general-fund revenue through Sept. 30; $72,791,934 expenditures; $102,383,468 fund balance (25% of general-fund budget).
