Finance committee recommends MBE plan change, reviews budget book and announces $1.6M bond savings

The Beaufort County Board of Education finance committee on Oct. 9 voted to recommend that the full board approve revisions to the district’s minority/women business utilization plan and reviewed several financial updates, including publication of the FY25‑26 budget book and completion steps for the annual audit. Chair (speaker 2) convened the meeting at 1:30 p.m.

The committee unanimously approved a motion recommending that the full board accept changes to administrative rule OS‑13 R2, which clarifies that annual board approval of the minority/women business utilization plan is not required unless material revisions are proposed. “This plan hasn't changed…we don't wanna change our goal of 10, which is required by the state,” said Ms. Yinger, who summarized the transparency and procurement language used to keep the plan audit‑compliant. Ms. Hay moved the recommendation; Ms. Gordon seconded it and the committee voted to send the revisions to the full board for final approval.

Why it matters: the change is procedural — it removes the requirement that the board reapprove the same plan every year while preserving the district’s outreach goals and the state‑required 10% target for minority/women business participation. Ms. Yinger told the committee the revised language would keep the OS‑13 R2 plan in effect unless significant changes are proposed and that any material revision would still be routed through the finance committee and then to the full board for a vote.

Other business

Budget book: Ms. Crosby, the district’s chief financial officer, said the administration completed the FY25‑26 budget book (about 215 pages), which is hyperlinked on the district website and has been submitted to the Government Finance Officers Association for review. She described the book as a resource that includes school‑level profiles, expenditure breakdowns by fund and program, and five‑year revenue projections. Board members recommended regular training and a rotating monthly “deep‑dive” on a single line item so members can practice drill‑down oversight.

Audit update: Ms. Crosby said the district has delivered trial balances and most journal entries to the auditors, is finalizing large schedules (including fixed assets), and expects a draft audit in early November with the annual comprehensive financial report posted to the website by Dec. 1.

Bond refunding: Ms. Crosby reported that the district completed a refunding of its 2015B bond series that closed Oct. 1 and was purchased by KeyBank Capital Markets. The refunding reduced the interest rate by about 1.2 percentage points (from roughly 3.6% to 2.4%) and produced approximately $1,600,000 in savings to taxpayers. She said the district maintained its credit ratings with Moody’s and S&P and that bond counsel and financial advisors are handling escrow and documentation.

What’s next: The finance committee will pass the recommended OS‑13 R2 language to the full Board of Education for final action. Staff said it will continue monthly budget and transparency reporting, circulate a preliminary FY26‑27 budget calendar at the next meeting, and bring four additional administrative rule updates in November.

The meeting adjourned by unanimous consent.