Huntington, IN – In the recent public school board meeting held on July 22, 2024, Chief Financial Officer Valerie Moore and Virtual Chief Financial Officer Becky Smith presented the financial reports for June 2024. The meeting provided a detailed overview of the financial health of various funds within the district, highlighting both the revenues and expenses.
Education Fund
The education fund began with a budgeted revenue of $3,150,361 for June, while the expenses for the same period totaled $2,718,888. A significant transfer of $100,000 was noted, which was part of the school year-end settle-up. This transfer aligned with appropriations and was a strategic move to capture available funds. The ending balance for the education fund, after accounting for outstanding purchase orders, was $13,233,227.
Debt Service Fund
June and December are crucial months for the Debt Service fund, as these are the periods when the district repays its debt obligations. The district received $4,615,076 in local property taxes and an additional $278,373 from other local property taxes. The total debt service payments, including principal and interest, amounted to $4,848,821, leaving an ending balance of $1,750,353.
Operations Fund
The operations fund also saw the receipt of local property taxes amounting to $5,316,301 and other taxes totaling $453,055. The total revenue for June was $5,931,244. The expenses for salaries, benefits, and other building expenses were $992,102. The ending balance for the operations fund after paying outstanding purchase orders was $4,199,434.
Rainy Day Fund
A new inclusion in the financial report was the Rainy Day fund, which had expenditures year-to-date of $628,707. This fund is intended for projects such as the conversion of the ready building to an administrative office. The current fund balance was $2,917,540, with $871,123 remaining available for appropriation.
Food Service Fund
The Food Service fund, responsible for the summer feeding program, had limited activity in June. The fund received $407,069 in revenue and had expenses totaling $128,840, leaving an ending balance of $671,594.
Curricular Materials Fund
Discussions around the curriculum materials fund highlighted the anticipated changes starting January 1, 2025. The fund, which currently has a balance of $2,313,137, will be shifted into the education fund. The state reimbursement process and its impact on this fund were also discussed in detail, emphasizing the need for strategic planning and transparency.
Year-Over-Year Comparisons
The financial report included year-over-year comparison reports for both the education and operations funds. These comparisons provide valuable trend data, highlighting the district’s financial trajectory and allowing for informed decision-making.
Conclusion: The financial report for June 2024 demonstrated a stable financial position for Huntington County Community Schools. With careful management and strategic planning, the district is well-prepared to meet its financial obligations and continue supporting its educational programs.