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District finance staff report revenues above projections, plan transfer to capital projects
Summary
Beaufort County School District finance staff told the Education Finance Committee that FY24 general‑fund revenues came in higher than expected after a reassessment, prompting a plan to transfer excess funds to capital projects and a request for a personnel‑slippage breakdown.
Beaufort County School District finance staff told the Education Finance Committee on Sept. 12 that the district’s general fund revenues for FY24 exceeded budgeted amounts, driven principally by higher property tax collections following a five‑year reassessment.
"Our general fund revenues are estimated at a 104.7% of the budget," the finance presenter said, noting the district expects roughly $12.7 million more in tax revenue than originally projected for FY24. The presenter said the board previously approved a policy to move any excess over $7.9 million to the capital projects fund and that staff currently anticipate a transfer of about $9.9 million, with final numbers to be presented closer to a Dec. 1 deadline.
Why it matters: the additional revenue raises the district’s preliminary fund balance to roughly $72,272,782 (about 20.1% of the budget), which staff said would help preserve the district’s credit standing and provide a cash cushion for pay applications and unforeseen costs. Finance staff cautioned that some year‑end entries—including July/August delinquent‑tax figures—looked unusual and are under review with the county treasurer’s office.
Committee members pressed for detail on where the underspend came from. "How much of that is personnel slippage?" the committee chair asked, seeking a breakdown of the $2.36 million underspend. The presenter said the department had not yet categorized slippage by personnel versus other savings but agreed to prepare that breakdown for the next meeting.
The committee also discussed millage changes tied to reassessment. Staff said the district rolled back 8 mills and implemented a partial 4‑mill increase in other categories, resulting in an overall net reduction in operating mills discussed during the presentation.
Next steps: finance staff will work with the treasurer’s office to confirm delinquent‑tax reporting, finalize year‑end figures for auditors, and provide a personnel‑slippage breakdown at the committee’s next meeting, scheduled for Oct. 17, 2024.
No formal board vote on the quarterly report was recorded in the committee transcript; earlier procedural motions to approve the day’s agenda and the committee minutes passed unanimously at the meeting’s start.
