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Surry County Schools approves year-end budget amendments; finance staff report $398,434.99 fund-balance use
Summary
The board approved year-end budget amendments across district funds and a resolution authorizing the superintendent and board chair to make limited amendments on June 30; finance staff reported revenues and expenses by fund and said the district will need to use about $398,434.99 of fund balance this year.
The Surry County Schools Board of Education on June 29 approved year-end budget amendments across multiple funds and a temporary resolution allowing the superintendent and board chair to jointly approve limited amendments on June 30.
Sherry, the district finance staff member who presented the report, said the amendments bring allotments and grant balances to final figures. She reported key year-to-date figures: state public school fund (fund 1) revenues at 96.31% and expenses at 94.16%; local current expense (fund 2) revenues 93.92% and expenses 97.81%; federal grant fund (fund 3) revenues 86.57% and expenses 86.26%; school nutrition fund (fund 5) revenues 80.7% and expenses 79.74%; special revenue fund (fund 8) revenues 62.65% and expenses 64.91%.
Sherry told the board she expected final adjustments to add revenue for six additional charter-school students ($7,980), about $15,000 in fines and forfeitures, and roughly $12,000 in June interest, resulting in a fund-balance use of $398,434.99. "If you look at the difference between our expenses and our revenues, the actual numbers and you add in those that would make fund balance used of $398,434.99," she said.
Year-end authorization: The board considered a resolution from NC ASBO that would authorize the superintendent and the board chair to approve intra-function amendments on June 30 (not permitting transfers between funds or amendments to fund balance). The board approved the resolution to give staff brief flexibility to move dollars within functions to cover June liabilities prior to the July 1 start of the new fiscal year.
Votes and direction: The motion to approve the budget amendments was made by Mr. Whitaker, seconded by Mr. Hutchkins, and approved. The board instructed staff to continue finalizing carryovers and to provide updated financial information as needed.
Ending: The board approved the amendments and the authorization resolution; no line-by-line roll call or additional contingency funding source was specified during the meeting transcript.
