ALABAMA: The latest financial report for the Cullman County Board of Education shows both revenue, and spending, are up this year. Officials credit both the stable economy and increase in academic offerings as the main motivators behind the trends.
As of the end of September, the county school system had an unreserved fund balance of $7.67 million, which equates to an approximate 40-day reserve. The balance is actually down $416,364 in comparison to the same time last year. Finance director Ed Roberson noted that decrease was expected, and is largely due to purchasing laptop computers for all certified staff, multiple digital learning software packages, and the Info Snap system for electronic registration.
Along with the increase in spending, financial records also show an up-tick in revenue. Compared to the same point last year, revenue was up $1.4 million overall, while spending is up $1.65 million compared to last year. Revenue ended the fiscal year with an increase of $883,517 above budget, and expenditures increased above budget by $962,942. Roberson noted all local taxes are showing an increase, except for the four mill tax.
The board had budgeted a year-end fund balance of $7.3 million, which would have been a reduction in fund balance by $721,913. But, the district actually ended the year with a fund balance of $7.6 million, with an increase of $318,207 above the projected level — though still a decrease of $403,705.
“With all the great accomplishments we have made over the last year with the Fast Track for Industry and the Hancock Academy, as well as the multiple purchases for technology and digital learning, and the conversion to an entirely new operating system for the entire district, we have managed the funds available well,” Roberson said in a statement. “We have a number of new businesses and industries opening in the current fiscal year and I expect an even better fiscal year in 2016.”
