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Piedmont Community Charter posts $1.15 million surplus for 2023–24; July shows early‑year operating dip
Summary
The board reviewed year‑end audited figures showing $20.5 million in revenue and a $1.15 million net surplus for 2023–24; an accounting transfer to a repair-and-replacement account and typical early‑year timing produced a July operating deficit that staff said is expected to reverse as year‑to‑date revenues arrive.
Commissioner McCraney, presenting the treasurer and finance committee report, said the school recorded $20,525,001.72 in revenue against $19,370,426.48 in expenses for fiscal 2023–24, producing a net surplus of $1,154,575.24; after other income, he reported a reconciled surplus of $1,454,921.04.
The report to the board included account balances and an explanation for a large month‑to‑month change in operating cash. McCraney told directors the operating account balance fell at month end because funds earmarked for facility repairs were moved into a separate repair‑and‑replacement account required under the school's bond loan agreement. "So it didn't go anywhere, just on a different account," he said.
Board packets showed operating cash of $4,134,603.81 as of June 30, 2024, an investment account of roughly $2.8 million, and an unaudited total cash-and-investment position above $7 million at fiscal year end. For the July report, McCraney noted year‑to‑date state and local revenue of about $479,409 and a July operating deficit of $440,327.43 — a pattern he characterized as normal for the start of the school year while revenues lag the spending cycle.
The facilities committee later explained a related bookkeeping change: $400,000 initially moved for repair and replacement was adjusted in subsequent reporting to $228,150 as staff and the committee refine quotes and priorities for capital projects. The facilities member said one potential saving — applying a coating to extend a middle‑school roof to its full 50‑year life — could avoid a full roof replacement.
The finance packet included a balance sheet comparing 2022–23 to 2023–24 that showed growth in assets from about $39.9 million to roughly $41.0 million and an increase in net position. Commissioners said they would revisit detailed line items as quotes and final audits are completed. The board did not take further action on the finance report beyond acceptance of the packet and discussion.
The board will meet next on Sept. 17.
