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Board clarifies summer accounting, notes Oct. 15 MDE reporting deadline
Summary
Trustees pressed staff for clarity on July interest and principal figures, discussed statute citations and reimbursements received in September, and were told a final accounting must be sent to MDE by Oct. 15.
The McComb School District board pressed finance staff for specifics about year-to-date interest and principal balances and was told the numbers shown are as of July and will be adjusted when reimbursements received in September are recorded.
During the opening financial review, a board member queried whether figures labeled '1841' referred to the sixteenth-section interest fund and whether '7211' represented principal. Staff confirmed those identifications and said the report shows interest and principal as of July. Staff also said several statutory citations underlie the accounting presentation, and that figures labeled 2594 and 2598 will be reconciled on a final statement.
Board members asked whether negative line items would be corrected; staff explained that reimbursements received in September will offset negatives and that the district will submit a final statement to "MDE" by Oct. 15 for closing. Staff said adjustments made after the July snapshot will be included on the next statement.
No formal action was taken on the accounting beyond the board’s requests for updated monthly deposit and revenue detail and confirmation that adjustments would be posted.
The board’s next steps: staff will update the accounting to reflect reimbursements, produce monthly deposit details on request, and prepare the final report for MDE by the Oct. 15 deadline.
