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Gadsden County School Board reviews Annual Financial Report; federal awards total $32.6 million
Summary
At a Feb. 24 workshop the district's finance director reviewed revisions to the Annual Financial Report, reporting $32,626,335.23 in federal awards and that ESE 348 revisions do not negatively affect the fund balance; the superintendent confirmed the fund balance remains 3.0% and staff explained an early payroll run tied to a banking conversion.
Mrs. Bruner, the district's finance director, summarized revisions to the district's Annual Financial Report and supporting exhibits, telling the board that "the Schedule of Expenditures of Federal Awards, the District received $32,626,335.23 in federal awards."
Elijah Key, the superintendent and secretary to the board, read portions of the financial report on behalf of Bruner and confirmed the district's fund balance "was still 3.0%." Bruner told the board that recent ESE 348 report revisions do not negatively affect the fund balance and that the exhibits provide clarification on prior submissions required by rule 6A-1.0071, Florida Administrative Code (section 1001.51(12)(b), F.S.).
The finance presentation noted line-item adjustments in government-wide figures: a slight change in net pension liability (from $30,256,976.00 to $29,656,976.00) and a corresponding reduction in total long-term liabilities. Bruner also referenced changes on the AFR pages showing nonvoted capital improvements and total fund balances; she said revenues are still being posted through the cash-receipt process and that a more detailed revenue report will be available at the next board meeting.
On payroll, the board was informed the district ran payroll early because Envision Credit Union is transitioning accounts to Addition Financial; payroll was run so pay would be effective Thursday, Feb. 26, with funds expected to clear by Friday, Feb. 27. A staff memo tied to that change (Memo 2026-009) was distributed to district employees the same day, the superintendent said.
Why this matters: the AFR, related ESE exhibits, and federal-award totals are the primary documents auditors and state reviewers use to assess district finances. Board members asked for the standard expenditure and revenue report at the next meeting to monitor cash flow and ensure ongoing compliance.
The board did not take formal action on the AFR during the workshop; staff said a revenue report will be presented at the next regular meeting.
