District reports midyear finances on track; fund balance up about $1.13M and SPLOST 7 now includes textbooks

Summary

Finance staff told the board the district is roughly 50% through the fiscal year with expenditures tracking to plan and a remaining fund balance of $1,134,000, an improvement over last year. Staff also said the district is beginning FY27 budget work (training Jan 22) and that textbooks are now included in SPLOST 7 planning.

Finance staff reported the district had completed roughly 50% of the fiscal year as of December and that expenditures are tracking close to plan. The report showed a remaining fund balance of $1,134,000, which staff described as nearly $1 million more than the balance at the same point last year.

The board was reminded that state guidance recommends a reserve equal to roughly three months of payroll (often expressed as 15–20% of budget) and that staff is working toward a healthy fund balance ahead of the July fiscal-year close. The speaker said monthly salary expenditures are about $5,000,000 and that a 15% reserve would equate to roughly three months’ salary.

Staff also noted SPLOST (Special Purpose Local Option Sales Tax) planning has moved into the SPLOST 7 phase; unlike the previous SPLOST cycle, textbooks are included in SPLOST 7 and that should ease pressure on the general fund for instructional material purchases.

Doctor Finney and budget staff said FY27 budget training for administrators and bookkeepers begins Jan. 22 and that principals and assistant principals will review staffing, enrollment trends and FTE counts in the coming weeks to inform next year’s budget.