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BoE: How did we end up with 15 times more money than expected?

The Fayette County School System began the FY 2012 school year with a projected year-end fund balance of $802,719. But when the year ended June 30 the fund balance was $15.5 million. The multiple reasons accounting for the fund balance being so much higher than projected was the focus of a report Monday by Assistant Superintendent Tom Gray.

Gray told members of the Fayette County Board of Education the biggest savings came from either not filling staff vacancies, where possible, or filling them with temporary employees. The amount totaling $4.3 million included $3.3 million in salary savings and $1 million in benefits, Gray said.

Adding to the fund balance at $3.13 million were budgeted revenue sources from state and local sources. Local revenues were $1.7 million over budget, with auto taxes coming in $1.3 million over projections. Those increased revenues offset the diminished amount of property taxes received. Property taxes by June 30 totaled $1 million less than budget projections.

Various school system departments also saved money in their operating budgets. Those savings totaled approximately $2.7 million, Gray said.

A change in the FY 2012 projected fund balance also added to the FY 2013 year-ned balance. The FY 2012 fund balance was projected at $15 million, but audit results showed the year ending balance at $16.8 million, adding $1.8 million to the FY 2013 fund balance total.

Still another category adding to the $15.5 million ending balance was $1.6 million from a change in the methodology used by the state in determining school system employee health insurance.

A final savings category adding to the bottom line, to the tune of $1.1 million, came from a decrease of 207 employees during health insurance open enrollment.

The move to save money from the various categories started as the 2012-2013 school year began and continued through the school year.BoE: How did we end up with 15 times more money than expected?



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