Finance officer reports modest revenue growth, audit near completion; district budget figures fluctuate
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Mercer County’s finance officer told the school board October year-to-date revenue was about $13.7 million (3% increase year over year) and expenses were $7.3 million (14% increase), and said the state extended audit deadlines so the district’s audit is nearly finished and will be presented to the board at a future meeting.
The Mercer County Board of Education heard financial and audit updates Monday as district staff described revenue and spending trends and an upcoming auditor presentation.
The district’s finance officer reported October year-to-date actual revenue of about $13.7 million, a roughly 3% increase from the prior fiscal year, against a general-fund budget of $32.4 million. Year-to-date expenses were reported as about $7.3 million, a 14% increase from the prior year. "We have budgeted $32,400,000 in our general fund for revenue," the finance officer said. Instructional spending remains the largest categorical expense at about 47.19%.
The officer told the board the state extended audit deadlines this year, giving the district more time to finalize entries and review accounting changes. "We are moments away basically from having ours finished," the finance officer said; when the audit is finalized the auditor will be scheduled to present to a future board meeting.
District staff cautioned that year-to-date figures can shift when property-tax collections are received and noted one-time items (for example, bus-lease payoffs) have affected expense comparisons. The finance officer said the ending balance is about 8% lower than last fiscal year but noted a 6% increase compared to the prior month and said figures should normalize as revenues arrive.
No budget adoption or formal fiscal action was taken at the meeting; the report was provided for the board’s information and will be revisited with the finalized audit.