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Board approves tentative amended FY26 budget, shifts bond proceeds into capital projects
Summary
Board approved a tentative amended FY26 budget that moves certain Education Fund items into Fund 60 (capital projects) to reflect bond proceeds and construction spending; staff said the amendment triggers a deficit‑reduction plan but relies on existing fund balances and recent bond deposits.
The Richland County CUSD 1 school board voted to approve a tentative amended fiscal year 2026 budget that reclassifies certain revenues and expenses to better match project spending, district officials said.
Treasurer Tim Eske explained that adjustments were made to the Education Fund (Fund 10) and to Fund 60 (capital projects) to reflect the deposit of bond revenue received earlier in May. "The Ed Fund, fund 10, decreased revenue line... from $26,830,026 to $18,159,176," Eske said, adding that the capital projects Fund 60 revenue line increases to about $17,428,429.96 to reflect construction expenses for the new athletic facility, property purchase and the South Building project.
Because the formula that measures operating funds does not include capital projects, Eske said the amended budget requires a deficit‑reduction plan; the district's stated approach is to use existing surplus fund balances to cover project spending rather than cutting instructional programs. "So long story short here, we did put together a deficit reduction plan, although it's essentially stating... we're just using fund balances that we had surplus... that we were spending on this project," Eske said.
Board members asked for clarifications about where bond proceeds were deposited and when they would appear on reports; Eske said the bonds were deposited earlier in May and will show up on next month's reporting. The tentative amended FY26 budget passed by roll call vote.
What happens next: The tentative amended budget was approved as required for public display and hearing; it will remain subject to final adoption procedures and the board will monitor project spending and fund balances as capital projects proceed.
