Kershaw County schools hear November financial report; officials flag timing and upcoming debt payment
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Summary
The district’s finance officer reported November results and timing-related state and federal adjustments that affect revenue; he noted a sales-tax collections balance and an upcoming major debt-service payment due March 1.
At the Jan. 13 meeting, Kershaw County School District finance officer Mister Willard presented the November financial report and highlighted timing-related factors affecting revenue and a near-term debt-service obligation.
Willard told the board that bound copies of the audit report were provided for the board’s files and that the district was generally in a healthy position in the sales-tax section, noting a collections-over-expenses balance of about $6,000,000 in that section. He said timing issues — including a 10-day count for charter schools and 45th-day adjustments — and delays in federal approvals for indirect-cost revenue have affected November figures and that the 45th-day adjustments will be reflected in the January report.
On the district’s bottom line, Willard said, "we are expenses over revenues by about 2 point, $1,000,000, as of the November compared to about 1000000 dollars expenditures over revenues in the prior year." He also warned the board to expect an update related to the district’s largest annual sales-tax and debt-service payment, which is due March 1 and ties to the 2018 referendum bond.
In follow-up, a board member asked whether the governor’s free breakfast initiative would affect the district’s community eligibility status. Willard said the district already participates district-wide in the Community Eligibility Provision (CEP) and "we we don't anticipate any impact on us," though he noted any reimbursable-rate changes could have an effect.
The finance presentation closed with an invitation for board members to follow up with Willard for detailed questions on the schedules and expenditures.