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PCSD accepts November financial report and approves FY2025 budget amendment
Summary
Trustees accepted the November financial report showing a net gain and approved a FY2025 general fund amendment that reclassifies Title I salaries and increases revenue projections by $296,500, preserving school-level funding.
Trustees accepted the district’s November financial report and approved a fiscal-year 2025 general fund budget amendment at the Jan. 9 meeting.
Nick Michael presented the November numbers, reporting district-wide revenue and expenditures of roughly $82.3 million through Nov. 30 and a small net gain on the district-wide statement. The district office’s estimated fund balance rose to about $2.53 million. Michael noted department-level budgets and percent remaining balances and told trustees a forthcoming presentation would explain a coding issue flagged in the packet.
On the budget amendment, Michael said the district expects an increase of $296,500 in revenue tied to updated membership counts and investment income; to comply with midyear guidance from the South Carolina Department of Education following a U.S. Department of Education review of Title I allowability, the district is moving some Title I salaries and benefits back to the general fund. The amendment increases salaries by $150,000, benefits by $100,000 and adjusts travel and supplies lines to maintain a balanced budget.
Trustees discussed the Title I change and the district’s decision to absorb the fiscal impact at the district level to avoid passing reductions to schools; a board member characterized the district’s choice as protecting school-level dollars for students. The board approved the budget amendment by voice vote with no recorded opposition.
Michael noted conservative forecasting and anticipated additional revenue later in the year that may prompt a subsequent amendment.
