In a recent public school board meeting held on May 28, 2024, Chief Financial Officer Valerie Moore presented an in-depth review of the financial status of Huntington County Community Schools for March and April.
Moore began the presentation by delving into the Education Fund, detailing revenues and expenses for March. The district saw revenues of just over $3,214,000, with expenses slightly higher at $3,821,000. Despite the higher expenses attributed to a three-pay month, the district managed to maintain a positive balance, with revenues over expenditures amounting to $607,000. After adjusting for outstanding purchase orders, the ending fund balance was just over $14,590,000.
Transitioning to the Debt Service Fund, Moore noted no significant activity, with neither revenues nor expenses reported. However, anticipation for increased activity was highlighted for June when tax levies and bill payments are expected. The balance at the end of March totaled $913,585.
Moving on to the Operations Fund, Moore reported revenues of over $149,000 and expenses of $1,479,429 for March. Adjusting for outstanding purchase orders, the fund retained a positive balance of $178,863.
The Food Service Fun remained stable with revenues of $350,979 and expenses of $438,072. Once bills were settled, the fund boasted an ending balance of $400,892.
Lastly, the Curricular Materials Fund saw revenues of approximately $4,500, primarily from collected textbook rentals from prior years, and expenses totaling just over $2,000. After bill payments, the fund retained an ending balance of $2,532,656.
Returning to a standard two-pay month, April's financials were presented starting with the Education Fund. Revenues amounted to over $3,135,735, while expenses totaled $5,401,263. Notably, a significant transfer of $2,850,000 from Education to Operations was highlighted, representing the first half of the school year's allocation. Once bills are settled, the fund balance totaled $12,249,004.
On the Debt Service Fund, Moore noted no activity, ending with a balance of $913,585.
Transitioning to the Operations Fund, from the transfer coming in stating revenue totaling $3,021,984. Expenses totaling $1,201,600 left a fund balance of $2,725,211. It was noted that tax revenues will come in June and December.
The Food Service Fun had revenues of $342,679 and expenses of $285,521, leaving a balance of $469,664.
Lastly, the Curricular Materials Fund had revenues of $3,282 and expenses of $115 representing an end balance of $2,538,356.
During the meeting, Moore also addressed historical year-over-year comparisons, providing a comprehensive overview of the district's financial trajectory.
Following Moore's presentation, the board motioned to approve the financial reports, acknowledging the district's commendable efforts in maintaining financial stability.