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Anderson School District One board hears financial report, says district in sound position
Summary
The Anderson School District One board reviewed year-to-date revenues and expenditures and heard that district funds and investments are healthy; Mr. Thomas reported revenue collection near budget and projected no need to use a previously budgeted $1.9 million from fund balance.
The Anderson School District One board on June 24 received a financial update showing the district in a broadly stable position going into the new fiscal year.
Mr. Thomas, who presented the financial materials, reported 47 certificates of deposit in the general fund totaling a little over $10.67 million that produced roughly $290,000 in interest this month. He said the food-service portfolio includes two CDs totaling about $396,000 that earned roughly $4,300 this month. Sub fund 502 (the building program) showed roughly $35 million in revenue, $34.6 million in expenses, about $2.2 million in retainage and a remaining balance of about $2.6 million.
The revenue report through May showed $8.7 million received in the month and $105.7 million year to date, or about 93% of the budgeted revenue; monthly expenditures were about $9.675 million with year-to-date expenses of $100.4 million (88% of budget). "Everything looks really good. We're in good shape," Mr. Thomas told the board, adding that based on current projections the district expects not to use the $1.9 million in fund balance that was included in last year's budget.
Board members asked routine questions and accepted the reports as presented. The presentation also included details about local-option sales-tax receipts for February: Anderson County collected just under $3.8 million and Anderson 1's share (33.5%) amounted to about $1,285,000; 20% of that ($257,000) is directed to property-tax relief while the remainder is for capital use in the district.
The finance review concluded with no motions required beyond routine acceptance of the reports; administration noted the district will finalize year-end figures after June payrolls are processed next month.
