BOE projects $2.2M ending fund balance
Published 2:20 pm Friday, September 5, 2014
The Butler County Board of Education presented a preliminary budget for the 2015 fiscal year Thursday night at the first of two budget hearings.
Chief Financial Officer Brandi Autrey outlined the budget, and said the system expects $33.5 million in expenditures for the 2015 fiscal year.
Autrey projects that the school system will end both the 2014 fiscal year and the 2015 fiscal year with a $2.2 million to $2.3 million ending fund balance.
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That’s up slightly from a $2.1 million balance for the 2013 fiscal year.
“The past several years I’ve forecasted a decline in our ending fund balance due to transportation not being fully funded by the State Department of Education and sales tax collection earmarked for debt services were less than debt payments,” Autrey said. “Our local tax collections and other revenues have increased and we’ve also been taking advantage of the Child Nutrition Program pass through savings every year. All these factors will cause us to end the 2014 fiscal year with a higher ending fund balance than originally budgeted.”
Autrey said that the school system should be able to keep approximately $400,000 from CNP pass through for fiscal year 2015, and by holding off on purchasing text books, the system should be able to end the year with the a one-month operating balance, which is required by the State Department of Education.
The system expects $33.1 million in revenues.
Revenues for the system break down into four categories: state sources, federal sources, local sources and other sources.
The system anticipates $18.2 million from state sources, $6.9 million from federal sources, $6.3 million from local sources and $158,000 from other sources.
Autrey said the system has still not received its allocation for 21st Century or Rural and Low Income.
Most of the expected expenditures are for instructional purposes, which directly affect the classrooms. More than 62 percent of the expenditures are for instructional services and instructional support.
The second and final budget hearing will take place during the Monday at the Central Office Boardroom located at 949 Oglesby Street in Greenville. The meeting will begin at 5 p.m.