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Fort Mill schools report August revenue of $21.1M, expenditures exceed revenue as district draws $4.7M from fund balance; impact fees exceed $69.1M
Summary
Finance director reported $21,119,629 in revenue and $25,837,612 in expenditures to date for Aug. 31; the district used $4,717,000 of fund balance for cash flow, vehicle tax collections exceeded $2 million for the second month, and impact fees collected totaled $69,198,180 with multi-million-dollar draws for Flint Hill construction.
Finance director Miss Lourdough told the board the Aug. 31 financial packet reflected the first full month of payroll under the new budget and that revenue to date was $21,119,629 against expenditures of $25,837,612. "Total revenue to date is $21,119,629. Total expenditures, $25,837,612," she said, explaining the district was in a month where it was drawing on fund balance for cash flow and that $4,717,000 of fund balance had been used so far.
Lourdough noted vehicle property-tax collections topped $2,000,000 for the second consecutive month and that some federal revenues (for example IDEA and Title I) are recorded in dedicated federal funds rather than the general fund and thus do not appear in the general fund boxes. She also said the district is in the year-end audit process with Greenfin and Collie; the audit report will be issued to the state by Dec. 1.
On capital funding, Lourdough reported impact fees collected to date total $69,198,180. She said the district has requested $35,100,000 toward Flint Hill Elementary construction and $1,200,000 toward Flint Hill Middle School to date and expected to submit another pay application exceeding $3,000,000 by the end of the week. Board members asked clarifying questions about how much has been drawn to date for Flint Hill Middle; Lourdough said the district has drawn $1,201,893 to date for the middle school.
Board members asked about millage allocation and the cadence of federal revenue; Lourdough said the district's percentage of county collections rose slightly based on the 135th-day allocation and would be reconciled in the spring. She emphasized that some state distributions are evenly distributed monthly under the new state formula and that salary and benefits will be the largest ongoing expenditure.
Why it matters: the financial report shows near-term cash-flow dynamics as the district completes early-construction draws and begins recurring payroll under the new budget. Impact-fee reserves are being used for the Flint Hill projects while the district continues routine audits and monitoring of federal grant timing.
