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Finance director says cash down to ~$114M after $10.7M transfers; board hears revenue and SPLOST updates
Summary
Finance presenter Larry Hamill told the board the district's cash fell from about $146 million to $114 million largely because of nearly $10.7 million moved from the general fund to other funds for reserves and interest; Hamill also highlighted revenue collections, investment balances and a $1.4 million EFT to a school food vendor.
Larry Hamill presented the district's August 2025 financial statements and told the board that beginning cash of about $146,000,000 fell to roughly $114,000,000 at month end, a change he attributed mainly to transfers out of the general fund to fund reserve and related interest payments.
Hamill said the transcript figures show a transfer described as about $10,700,000 in total, including roughly $8,500,000–$8,900,000 identified for an initial reserve 'for Midway' (the speaker corrected to 'Mashburn' in the same remark) and more than $1,000,000 in interest payments due Aug. 1. "So the reason... we're at 19.19 and it's a lot higher than it should be this time of year is because we've moved that $10,000,000 out of general fund from the reserves to these other 2 funds to pay for those things we had agreed to pay for," Hamill said.
On revenue, Hamill said collections stood near 8.43% for the period and noted timing differences in receivables that affect month-to-month comparisons; he expected clearer comparisons in September after accounting adjustments. He reviewed a new "box table" chart intended to show relative composition of collections and noted that actual expenditures were above budget in some lines because of the reserve transfers.
Hamill also highlighted operational changes and balances: the district is shifting to EFT vendor payments (he said the largest EFT to date was about $1,400,000 to a school food vendor), investments were reported near $54,000,000 and SPLOST 6 spending is close to exhausting that program's funds. He said debt service and other line items will normalize over time.
Board members asked clarifying questions about charts and bus specifications during the consent-review portion of the meeting; Hamill said some variances should resolve as revenues are received later in the year. No formal action was required on the finance report during the meeting; the presentation provided context for upcoming budget and capital planning work.
