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Finance report: $39.8M YTD revenue, seasonal funding gap as payroll outpaces receipts
Summary
Mr. Owen told the board the district has received about $39.8 million year-to-date (roughly $5.4M local, $33.4M state), faces a seasonal gap with payroll near $46M per month, and expects SPLOST and property-tax timing to improve the balance later in the year.
Mr. Owen presented the monthly finance report for the third month of the fiscal year, saying roughly 25% of the fiscal year is complete and year-to-date revenue stands at about $39.8 million (approximately $5.4 million local and $33.4 million state). “For this month we received 39,800,000, in revenue year to date,” he stated.
He described a regular seasonal funding gap at this time of year because payroll obligations run ahead of some revenue streams: “As you, may recall from last month, our expenditures every month, our, payroll expenditures alone is about $46,000,000 per month.” Mr. Owen reported the district’s ending fund balance fell from about $87.9 million last month to $66.8 million this month and projected further reductions in October before property tax receipts begin arriving in November and more substantially in December.
On capital and SPLOST funds, Mr. Owen said the building fund balance is approximately $113.8 million; SPLOST proceeds for the month were about $6.2 million and year-to-date SPLOST is roughly $30 million above projection. He also summarized the debt service fund (near $35.3 million) and said the next debt payment is expected in February at roughly $26 million. Federal and state program balances (school nutrition) were reported near $16.7 million and will continue to be used for kitchen and cafeteria improvements.
Board members thanked staff for prioritizing cafeteria and nutrition improvements. No formal budget action was taken during the work session; Mr. Owen’s update was framed as informational.
