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Board hears financial report showing $17.8M monthly decrease tied to debt service
Summary
Finance director John Godwin told the Calhoun County Board of Education the district’s cash fell $17.8 million in February due mainly to a debt-service payment; the general fund still holds an ending balance of $46.74 million, about a 4.9-month reserve.
John Godwin, who the board introduced to present the financial report, told trustees that the district’s cash equivalents totaled $51,800,000 and that “a $17,800,000 decrease from the previous month’s reporting is a debt service payment” tied to advanced refunding. He said investments at cost were $16,600,000 and that the district’s net income year‑to‑date was roughly $300,000.
Godwin also reported an unrealized gain of $687,000 and that the district’s sweep account has generated about $729,000 in income for the fiscal year. He said the general fund’s ending balance at the end of February was $46,740,000, which he described as equating to “a 4.9 months reserve.” Accounts payable for the month totaled about $6,300,000 and payroll and benefits paid were about $7,000,000. A board member complimented the finance staff for an audit with zero findings, and the board voted to accept the report by voice vote.
