Finance update: November revenues/expenditures, audit consultant engagement and grant outcomes

The board received a financial update and procedural briefing on the year-end audit and recent competitive grant results.

Finance staff reported November operating revenues of $3,330,000 and year-to-date operating revenues of $24,900,000 (38.11% of the annual budget). Special fund revenues were $489,000 in November (YTD $1,900,000, 23.64% of budget). Combined total revenues for November were $3,800,000 with a year-to-date total of $26,800,000 (36.5% of overall revenue budget).

Operating expenditures for November were $5,600,000 with YTD operating expenditures of $23,000,000 (35.45% of budget). Special fund expenditures were $614,000 for the month (YTD $2,500,000). Total expenditures for November were $6,200,000 with a YTD total of $25,600,000 (34.93% of annual budget).

Staff said the county has hired UHY Advisors as an audit consultant to assist as officials close out FY25. The division planned to meet the consultant and county officials to discuss debt entries, year-end entries (including fixed assets) and compensatory leave balances and to support reconciliation so the county can produce post‑June reports needed by the division.

On school construction grants, the division confirmed three fall applications (a new elementary school, CHS cosmetology CTE improvements, and a middle-school vestibule/safety project) were not awarded by VDOE; staff said VDOE scoring uses county-level data (some from 2022) and financial metrics that reduced the division’s points. Staff said they requested the scoring rubric and will reapply when the program reopens in spring.

Board members asked about audit timelines and any expected impacts on the division’s budget process; finance staff said they did not anticipate a delay to the midyear budget process but noted reconciliations and staff attention would be required once county reports are available.

No formal action was taken during this update.