DeSoto board accepts annual financial report showing drop after ARP funds end
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Summary
The DeSoto County School District board received its Annual Financial Report noting assets exceeded liabilities by $19.42 million but a net position drop of $3.54 million from the prior year tied to the end of American Rescue Plan funds; the board authorized filing the AFR for the auditor general's review.
The DeSoto County School District board on Feb. 10 reviewed and accepted its Annual Financial Report and authorized staff to file the report with the Florida Auditor General for the final audit due March 1.
Dr. Bennett presented highlights of the AFR prepared under Florida's uniform accounting system, saying, “As of 06/30/2025, the assets and deferred outflows of resources exceeded the liabilities and deferred inflows of resources by $19,419,550.07.” He reported the district's net position decreased by $3,540,996.78, representing a 15.4% decline from the prior fiscal year, and attributed the change primarily to the discontinuation of American Rescue Plan stabilization funds.
Dr. Bennett reported general revenues of $53,984,337.74 and total expenses of $60,934,522.66. He also said program-specific revenues (charges for services, operating grants and contributions, and capital grants and contributions) totaled $3,409,188.14. The transcript additionally records a general fund balance of $9,023,963.59 and a year-over-year decrease described as $4,765,252.51.
The board voted to approve submission of the AFR so the Auditor General can complete its final report by March 1. No itemized vote tally was recorded in the transcript; approval occurred on a voice vote ('Aye').
Board members asked no substantive follow-up questions during the presentation; Dr. Bennett also used the update to preview program enrollment items discussed later in the meeting, including Space Academy and Jefferson Classical School enrollment figures.
The board's approval amounts to direction to proceed with the formal audit submission; the Auditor General will issue the final audit report on its schedule.