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Calhoun County schools report $51.8M in cash equivalents, nearly $47M general fund balance
Summary
Finance director Mr. Godwin reported cash equivalents of $51,800,000 and a general fund ending balance of $46,740,000 (about 4.9 months reserve), citing a $17.8M month-to-month decrease tied to debt service and advanced refunding.
Mr. Godwin presented the district's monthly financial report, saying: "Cash equivalents, totaling 51,800,000," and explaining the roughly $17,800,000 decrease from the previous month was related to a debt service payment and advanced refunding of outstanding debt. He also reported investments and related receivables of $16,600,000 at cost basis and an unrealized gain of $687,000 on the account statement.
Mr. Godwin said revenues in the general fund were at about 46.42% through February, with sales-tax remittances up about 4.8% year to date and personal-property ad valorem remittances increasing roughly 3%. He noted total general-fund expenditures were roughly in line with budget at 39% year to date and that the district's general fund balance of $46,740,000 equates to roughly a 4.9-month reserve. The board accepted the report by unanimous motion.
