Richland Middle College board approves 45-day budget amendment, boosts net income
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Summary
The Richland Middle College board approved a 45-day budget amendment on Feb. 11 that adjusts state aid and student counts, raising revenue by about $492,000 and moving net income from a deficit to a positive position. The board approved the amendment by voice vote; precise tallies were not recorded in the transcript.
The Richland Middle College board approved a 45-day budget amendment at its Feb. 11 meeting that updates state funding and student counts and improves the school's fiscal position.
Finance representative Britney Sloan of Prestige told the board the amendment increases state aid to the classroom by recognizing a per-pupil weight of 1.25 (the district has been paying at that weight) and updates student counts, which together increased projected revenue by about $492,000. Sloan said the budget also adds a dual-enrollment specialist (prorated), prorates two open positions, incorporates a $2,500 Prestige grant, reduces overly optimistic interest assumptions, and adjusts several expense lines. She reported total expenses increased by about $242,000 and net income shifted from roughly a $102,000 deficit to a positive $147,000.
Why it matters: the amendment reflects higher-than-budgeted state payments and enrollment counts and puts the school in a positive net position for the year, while funding a newly added dual-enrollment specialist the board previously approved in December.
The board moved to approve the amendment and adopted it by voice vote. The motion was made by Tracy Dixon and seconded by the presiding officer; the transcript records members responding "aye" with no opposers, but it does not list individual vote tallies.
Financial details noted during the discussion included: days cash on hand of 378 (12-month trailing $303,121), salaries and benefits at about 67% of revenue (budgeted at 79%), operating cash slightly below a $250,000 threshold, and designated cash near $1.5 million. Sloan said some minor expense categories (advertising, board, campus monitoring) remained outside targets but within acceptable buffers.
Next steps: the amendment was approved at the meeting and will be reflected in the school's financial reports and next budget cycle. No further formal follow-up tasks or reporting deadlines were specified in the transcript.