The Mercer County Board of Education received a finance update noting modest revenue growth and continuing expense pressures.

The district’s finance officer told the board that for October the year-to-date actual revenue is $13,700,000 — a 3% increase from the prior fiscal year — while the general fund budget for the year is $32,400,000. "Right now, we are in the very final stages of our audit," the finance officer said, noting the state extended audit deadlines this year to allow additional time for financial changes.

On the expense side, the officer reported October spending of $7,300,000, a 14% increase from the prior fiscal year, and said the district had one-time costs early in the year such as paying off bus leases that increased year-to-date expenses. Categorical spending for instruction was reported at 47.19%.

The finance officer said the district’s ending balance is about 8% lower than the prior fiscal year but pointed out the district expects seasonal property-tax receipts to increase revenue in December and change the year-to-date picture. "As soon as we start receiving some of that revenue, that revenue will increase drastically at that point in time," the finance officer said.

Board members asked no substantive follow-up questions during the report. The finance officer said the finalized audit report will be sent to the board once it is complete and that the external auditor will present at a future board meeting.

The finance officer also presented a first reading of revised expense-reimbursement policies (per-diem meal changes) and said revised forms will appear on next month’s agenda for action.