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Finance director reports $69 million in cash equivalents, 5.5-month reserve
Summary
The board heard a financial report showing roughly $69,000,000 in cash and cash equivalents, investments at $16.4 million, an unrealized gain near $742,000 and a 5.5-month general-fund reserve; staff said investment income is about $178,000 year-to-date.
The Calhoun County Board of Education heard its monthly financial report in which the finance director reported cash and cash equivalents of $69,000,000.6 and investments and receivables totaling $16,400,000 at cost basis.
"Investments and receivables on the balance sheet totaled 16,400,000 at cost basis," the finance director said, and later summarized unrealized gains and sweep-account income that affect the year-to-date picture. He said investment income for the fiscal year through January is "right at a $178,000" and the sweep account program reflects income of $585,000. The director also reported an unrealized gain of $742,000.
Board members were given an operations report comparing actuals to the amended budget through January; revenues in the general fund were reported at 39% for the fourth month of the fiscal year and general-fund ending balance was reported as roughly $51,000,000, representing about a 5.5-month reserve. The finance director said accounts payable checks for January were about $5,200,000 and monthly salaries and benefits were about $7,000,000.
The report was presented for informational purposes; no budget amendments were proposed during the presentation. The board moved on to the consent agenda immediately after the financial report was accepted.
