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Big Spring SD posts modest FY24-25 surplus; reserve transfer lifts year-end position
Summary
Preliminary FY24-25 numbers show about $66.68 million in revenues and $66.2 million in expenses, a $446,360 surplus; a prior transfer of roughly $1.8 million into capital reserves brings the adjusted year-end position to about $2.8 million to the good, finance presenter said.
Missus Lentz, the finance presenter for the Big Spring School District, told the finance committee the district "ended with about $66,680,000 in total revenues" and roughly $66,200,000 in expenses for fiscal year 24-25, leaving a preliminary surplus of $446,360.
Lentz cautioned that the reported year-end improves materially when accounting for a delayed transfer of roughly $1,800,000 into the capital reserve that originated in FY23-24. "When you take that caveat into aspect, that transfer was about 1,800,000, then our year end result for 2425 is about 2,800,000 to the good," she said. The presenter described the FY24-25 numbers as preliminary while the audit is being finalized and recommended using one-time surpluses for one-time purposes rather than recurring commitments.
The committee discussed where the revenue variance came from and Lentz pointed to stronger-than-expected interest earnings and several state reimbursements as primary drivers. She said the auditors’ final statements were expected within about a week and that the district will present finalized financial statements to the board in a future meeting.
