School District Delivers Financial Performance for February 2024 and Introduces New Historical Comparison Reports
Huntington, IN – The Huntington School District presented its February 2024 financial reports during a recent board meeting, highlighting performance across key budgetary areas. In a detailed presentation to the board, the district's Virtual Chief Financial Officer Becky Smith outlined the latest figures covering various funds. The reports encompassed the Education Fund, Debt Service Fund, Operations Fund, Food Service Fund, and Curricular Materials Fund, each demonstrating the district's fiscal health and strategic management.
Education Fund
The Education Fund showcased steady growth, with a cash balance increasing from just under $14 million in January to approximately $15.1 million by the end of February. This growth, coupled with the anticipation of additional payroll expenses in March and August due to three-payroll months, places the district on a stable trajectory for the fiscal year.
Debt Service Fund
The Debt Service Fund reflected minimal activity in February, aligning with the fund's semi-annual revenue cycle, predominantly influenced by property and other taxes received in June and December.
Operations Fund
Similar to the Education Fund, the Operations Fund demonstrated prudent financial management. Despite a decrease in cash balance from slightly over $4 million to just under $3 million, this decline was expected as the fund largely relies on property tax revenue received in December and June.
Food Service Fund
The Food Service Fund operates under a unique model managed by the Food Service Director Alex Burgess, and his team. Although not subject to traditional budget approval, the fund's performance is evaluated against previous years' actuals, showcasing efficiency and compliance with expenditure limits.
Curricular Materials Fund
The Curricular Materials Fund, formerly known as textbook rental, benefits from a state disbursement each December to support curricular purchases across elementary, middle, and high schools. With a healthy balance, the district remains prepared to navigate potential fluctuations in state allocations.
Additionally, the district introduced historical comparison reports spanning six years for the Education and Operations Funds, offering deeper insights into financial trends and aiding transparency. These reports, updated monthly, provide stakeholders with comprehensive data to evaluate financial performance across multiple fiscal periods.
During the presentation, board members expressed appreciation for the district's commitment to financial transparency and accountability. The ongoing enhancements in financial reporting aim to empower board members with the tools necessary to make informed decisions and ensure fiscal stability.
The board commended the district's financial team for their diligence in managing resources effectively and pledged continued support for advancing financial transparency initiatives.