Beaufort County schools report stronger-than-expected finances; fund balance projected to rise to ~21%

At its Sept. 18 finance committee meeting, Beaufort County school district staff presented an unaudited fourth‑quarter financial summary showing revenues at roughly 100.6% of projections and expenditures at 99.3% of the $159 million spending plan.

CFO Crosby said the combined revenue/expenditure position yields a projected $6.9 million increase in fund balance, moving the general fund from about $72.2 million to a projected $79 million, or roughly 21% of the budget. Staff recommended no transfer to the capital projects fund at this time and said the district remains within its board policy target for reserves.

Crosby described a few timing differences (for example, PEBA insurance advance premiums and AP cycle differences) that explain month‑to‑month variances and noted final audit adjustments remain before the audit deadline on Dec. 1. The district also reported that E‑rate reimbursements and federal impact aid were stronger than projected, while some state aid categories were slightly below last year.

Board members and staff discussed how a larger reserve supports operating continuity through shocks (weather or market shifts) and noted the district’s current target minimum is 60 days of operations while best practice cited was 77 days. A committee member noted recent bond refunding saved approximately $1.5–$1.6 million and staff said the district secured a competitive 2.71% net interest rate on a $35 million refinancing.

The committee did not take further action; staff said they will complete journal entries and final audit tasks ahead of the Dec. 1 audit deadline.