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McDowell County Schools reports midyear revenues exceed expenditures
Summary
At the fiscal midpoint, district staff reported $23.2M in revenue vs. $19.3M in expenditures and 53.83% of the budget committed; staff highlighted a required WVDE contingency reserve and expected PEIA cost increases to watch in budget season.
District finance staff presented a midyear financial snapshot showing revenues of $23,200,000 for July 1–Dec. 31 and expenditures of $19,300,000. “Our total revenue received, from July 1 to December 31 is 23,200,000,” the staff member said, noting $432,000 in interest income so far and $1,200,000 in remaining SBA-funded capital dollars.
The presentation broke down major funding streams: state aid at $6,300,000, local property tax collections at $6,000,000 and state and federal grants at $2,600,000. Staff said 53.83% of the annual budget had been spent or encumbered and that $34,800,000 remained to be managed through the fiscal year. Board members were told the district’s encumbrances include payroll obligations and planned commitments.
Staff warned of two budget pressures to track: a WVDE contingency rule now requiring about 5% of fund balance to be reserved and an expected roughly 3% employer increase to PEIA contributions. “They told us approximately 3% increase to the employer,” the staff member said, adding the district will include that projection in the coming budget season. The board did not record a formal vote on the report in the transcript.
The presentation compared this year’s expenditures to last year’s and noted a modest decline in spending thus far ($19M at the end of December this year versus $22M the prior year). Staff said seasonal variations in tax collections typically depress totals in January–February and improve collections in March–April.
