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Finance director reports $2.7M in excess regional/local revenue; board discusses moving $10M—$13M to a building fund
Summary
The finance director presented unaudited results showing about $2.7 million more revenue than budgeted (largely local receipts and interest), outlined scenarios for transferring $10M—$13M from unassigned fund balance to capital, and noted state scrutiny of fund balances above roughly 20% of expenditures.
Finance director Alicia Brady presented the district's quarterly unaudited financial results, reporting about $2.7 million more in revenue than budgeted for 2024-25, primarily from local collections and interest receipts. Brady said interest revenue totaled just under $1.6 million from the county and that approximately half of that was from prior-year receipts; she described some of the revenue as one-time items.
Brady walked trustees through scenarios for reallocating between $10 million and $13 million of the district's unassigned fund balance into a building fund. She said moving $10 million would lower the unassigned fund balance to about 22% of expenditures, $11 million to just under 21%, and $12 million to close to 20%—a level she called a "sweet spot" given state attention to unusually high fund balances. Trustees asked whether moved funds could be transferred back from a building fund to general fund if needed; staff said the board could vote to move money back as conditions change.
Trustees discussed the possibility of using some fund-balance reserves for near-term capital needs, and asked staff to include specific project priorities (for example, Holly Springs and other building projects) when returning with a formal recommendation. The finance director cautioned that the results are unaudited and may change slightly but said the district is on track to close the fiscal year with a strong fund-balance position.
The board did not take a formal vote on transferring funds but asked staff to return with formal scenarios and recommended next steps for board consideration.
