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Finance report: district within general-fund budget; SPLOST receipts ahead of projections, projects progressing
Summary
At its June 12 work session the board heard that general-fund revenue stood at $526.9M (about 88% received), operating expenses were $484M plus $15.7M encumbrances, SPLOST is $26.1M above projections for the life of the program, and several capital projects (Cherokee High replacement, Creekland Middle, Creekview High) are on schedule with Sequoia High remobilized at a $29,049,814 project cost.
Mr. Owen delivered the monthly finance report for the month ending May 31, noting the fiscal year is 11 months complete ("92% of the fiscal year is done"). He said general fund revenue of $526,900,000 represents roughly 88% of expected revenue, with 78% from state sources and 97% of local revenues; operating expenses were $484,000,000 plus $15,700,000 in encumbrances (about 86% of budgeted expenditures).
Mr. Owen reported the building fund/capital outlay balance at $149,600,000, accounting for ED's-plus proceeds and recent bond proceeds, and said SPLOST collections were $26,100,000 above projections (about 9% over projections for the life of the SPLOST). He noted that about half of ED's-plus collections move to debt service monthly and half to pay-as-you-go capital and technology; the debt service fund stood at $48,900,000 and the next debt payment due Aug. 1 is $28,800,000.
Mr. Morse provided the capital outlay update: Cherokee High School replacement work continues on interior finishes and the CTAE building punch list; Freehome Elementary is complete and will come before the board for DOE-required project closure; Creekland Middle and Creekview High are finishing trim and finishing work with occupancy of the two-story academic wings expected July 25 and a board preview scheduled for the week of July 28. Sequoia High has remobilized and the total cost for that project was reported at $29,049,814.
Mr. Owen noted the school nutrition fund balance ($18,500,000) that is being spent down on kitchen and serving-line renovations. He also reminded board members that there will be no separate June/July financial report (June is end of fiscal year) and that two reports will be presented in August as standard practice.
Board members had brief remarks of appreciation for maintenance and kitchen renovation work; staff invited board feedback on additional items to include in future finance reports and noted an RFQ will be issued to secure third-party validation of the long-term impact of applying the floating homestead exemption (HB 581) on district finances.
