By Kathryn Schiliro
At the completion of fiscal year 2013 last month, the county school system had more than $2.18 million in the general fund, Superintendent Dr. Ralph Bennett told the Morgan County Board of Education (BOE) at their meeting Monday, July 9.
“We’re in good shape for bringing the year to a close,” Bennett said.
The system began June with close to $3 million and, through the month, counted receipts of $1.5 million-plus and expenditures of more than $2.3 million. The system was able to conclude June with more than $2 million due to a CD being cashed, “to have for July and August,” Bennett said.
With FY13 complete, the system has collected just over 100 percent of projected revenue: more than $25.5 million compared to a projected total of more than $25.49 million.
State funds provided the biggest boost to the budget. The system received more than $17.4 million compared to a budgeted more than $17.3 million.
Local ad valorem tax revenue provided for more than $11.799 million of FY13 revenues. The system had budgeted more than $11.843 million to come from these taxes.
The system spent 94-plus percent of their budgeted expenditures, or $25.9 million-plus out of a budgeted more than $27.5 million. The largest amount, more than $18.4 million, was spent on instruction, or teachers’ salaries. This $18.4 million-plus was more than 94 percent of the budgeted near $19.6 million to be spent on instruction.
System financial administration will continue closing the fiscal year out for the next few months.
The school system’s 1-percent sales tax collections, ELOST (Education Local Option Sales Tax), totaled just over $294,000 for June. While these receipts were up from last month, they’re still below the $300,000 average, Bennett shared, adding that declining ELOST collections are something the ELOST committee might need to consider.
The ELOST pot began last month with more than $3.78 million and, after the previously mentioned collections and more than $261,000 in expenditures, ended the month with a total of more than $3.8 million.
The largest amount of ELOST funds, more than $99,000, was spent on technology, specifically hardware and servers to accomodate the expanding system, Bennett said.
In other BOE financial-related news, Bennett approached the board about renewing their commitment to act as the fiscal agent for the county’s Family Connections initiatives, an inter-agency organization that brings together local governmental agencies and non-profits to benefit the county’s children.
End of FY13
94.35 percent of budgeted expenditures spent, or $25.9 million-plus of a projected $27.5 million-plus
100.06 percent of budgeted revenues collected, or $25.5 million-plus collected of a projected $25.49 million-plus