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Cary CCSD 26 treasurer projects modest surplus, seeks authorization to transfer up to $6 million to capital projects
Summary
Treasurer Mr. Shepherd told the board the district is tracking close to budget through April with a projected operating surplus near $877,000 and asked the board next month to consider transferring up to $6,000,000 from the education fund to capital to support the transportation center and solar projects.
The Cary Community Consolidated School District 26 committee heard a treasurer's report Aug. 18 that showed revenues roughly on target through April and a projected operating surplus, with a proposed fund transfer to pay for capital projects.
Treasurer Mr. Shepherd said district revenues were "right in line" with expectations and that state payments, which lagged earlier in the year, have "caught up." He said month-end fund balances and prior-year comparisons show the district is "trending slightly stronger" than last year and that, overall, the board is projecting "a surplus of about $877,000" though he cautioned the final number could be smaller (he later estimated a plausible final surplus of roughly "between 2 and $600,000").
Mr. Shepherd told trustees the administration will ask the board next month to authorize transferring up to $6,000,000 from the education fund investments to capital, with any unused portion reinvested. He said the funds would help pay for the transportation center, the solar project and upcoming summer work. "We are going to ask the board to transfer up to 6,000,000," he said, adding that unused funds would be reinvested in long- and short-term options.
The treasurer noted the district continues to spend referendum funds and that capital outlay and noncapital equipment variances reflect ongoing projects. He also described the district's cash-flow strategy and said, in the summer months when cash balances are higher, the district will look to short-term investing to maximize returns.
Board members asked about bond timing; Mr. Shepherd said a tentative bond sale was scheduled for June 1. No formal vote was taken on any budget or transfer action at the committee meeting; the item will return to the board for authorization next month.
The committee adjourned later in the meeting without taking formal action on the transfer request; the administration will place the transfer on the board agenda for the next meeting.
