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Lake Wales Charter reports $3.5M year-to-date surplus; food service posts October surplus
Summary
Board reviewed October financials showing assets of about $50.4M, liabilities ~$21.3M, student count 5,035, revenues of ~$16.7M, expenditures of ~$13.1M (YTD surplus ~$3.5M); food service returned a $460,377 surplus for October after receipts arrived.
The Lake Wales Charter Schools Board reviewed and approved its October financial report during the Nov. 17 meeting, with staff reporting overall stable finances and positive month-to-date results.
Chief financial presenter Mr. Smith said consolidated assets increased about $207,362 to approximately $50.4 million while liabilities rose to about $21.3 million. Year-to-date revenues were reported near $16.7 million with expenditures of roughly $13.1 million, leaving an excess of revenues over expenditures of about $3.5 million.
Mr. Smith highlighted a large October improvement in the food-service fund: a $460,377 surplus tied to revenues received ($955,649) against typical monthly expenditures ($495,271). He also noted federal-program spending at about 28% of budget and capital-project fund balances of roughly $483,009.02 (North) and $432,006.72 (South), which he said are sufficient to service related debt.
Trustees questioned a placeholder line for 'other state revenues' that showed an over-budget amount; Mr. Smith explained the figure was a temporary placeholder tied to teacher-salary allocations from FEFP and will be adjusted in mid-year revisions. Trustees also noted higher board-related expenditures (legal, audit) this year and were told those fees are expected to taper as one-time groundwork completes.
The board approved the financial report by roll-call vote.
