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Cherokee County School Board approves FY25 and FY26 budget amendments, finance director details carryforwards
Summary
The board approved an FY25 amendment and an FY26 amendment that carries forward about $43 million in capital project spending; finance staff reported specific line-item changes for FY25 and described why the carryforward is necessary.
The Cherokee County School Board on June 12 unanimously approved two budget amendments: an FY25 amendment (Amendment No. 1) and an FY26 amendment to carry forward capital project expenditures.
Mr. Owen, who briefed the board, said the FY25 amendment shows "an increase in revenues of $4,000,000, a decrease in expenditures of $42,500,000 and then an increase in other financing sources of $158,000,000." He said the district's policy DC requires a formal amendment when a function within a fund is expected to exceed the budget by 5 percent.
On the FY26 amendment, Mr. Owen told the board that because several capital projects were budgeted in FY25 but invoiced after fiscal year close, the district must carry forward roughly $43,000,000 of those capital expenditures into FY26 so funds remain available when invoices arrive. He said that early budget approval this year benefits employees and that carrying capital expenditures forward is a standard accounting step when invoices are received in the subsequent fiscal year.
Board member Ms. Poole put the district's finances in context, citing nearby districts that have had to draw reserves to balance budgets; she praised Cherokee's finance team for avoiding reserve draws and said, "we're actually adding to our reserves." Chair and other members thanked the finance staff for managing two fiscal years concurrently.
What the board approved: - FY25 budget amendment (Amendment No. 1): approved unanimously; headline figures reported by Mr. Owen as increase in revenues $4,000,000; decrease in expenditures $42,500,000; increase in other financing sources $158,000,000. - FY26 budget amendment (carryforwards): approved unanimously; Mr. Owen said the amendment carries forward approximately $43,000,000 in capital project spending.
Next steps: Finance will implement the approved amendments and adjust accounting records to reflect the carryforwards. Board members and staff did not request additional materials at the meeting; any further clarifications will be provided by the finance department on request.
