Smith-Green board authorizes fund transfers, hears finance report showing stronger balances

At its Jan. 6 finance meeting, Smith-Green Community Schools’ finance staff presented a budget overview and the board approved authorizing transfers between funds to support operations.

Treasurer/staff reported that average daily membership (ADM) has fluctuated over recent years but showed a modest increase of two students over last year. The education fund ending balance for 2024 was reported in the meeting as $2,132,607. The rainy day fund was described as having grown to roughly $1.1 million after prior transfers; the board approved a $50,000 transfer to continue building that reserve.

Finance staff explained the year-to-year movements: a large increase in the education fund balance in 2024 was driven in part by transferring curricular materials into the education fund (roughly $379,000 cited in the presentation), student tuition adjustments, and changes in capital projects and interest income. Total corporation debt was reported as $7,115,000 with interest expense of $844,858; staff noted a GO bond maturing in 2026.

As a second reading, the board authorized the treasurer to transfer funds from the education fund to the operations fund not to exceed $1.3 million (described in the transcript as 15% of the education fund) to ensure operational cash flow. The transcript records motions and approvals for these resolutions but does not include a roll-call vote or individual board tallies.

Finance staff also noted interest income year to date for 2025 at $218,524 and that projected state tuition support for 2025–26 was discussed in the presentation.