School system deficit smaller than anticipated
The Gilmer County Board of Education reviewed a proposed amended budget for the 2016-2017 school year during a work session Monday, Sept. 19.
When the board approved the original budget earlier in the summer, it was based on revenue remaining flat. As finance director Trina Penland explained, the group’s recent decision to maintain the millage rate at 16.62 will actually result in nearly $740,000 more being collected from local property taxes.
The board is set to approve a budget amendment to reflect the increased revenue during a regular meeting Thursday, Sept. 22, at 5:30 p.m. in the central office building located at 134 Industrial Blvd. in Ellijay.
The increased revenue will result in the school system not needing to dip as far into its fund balance as expected in order to cover a shortfall of revenues compared to expenditures.
The finance director stated the system will see a deficit of $892,000 this year, as compared to the $1.63 million that was originally anticipated.
Penland also reviewed the July 2016 financial report.
For the period, the school system was 8.33 percent of the way through its fiscal year. Total revenues were at $1.58 million, while expenditures came to $2.82 million. The fund balance stood at $18.4 million.
In regard to the 2015 E-SPLOST (education special purpose local option sales tax) for capital projects, Penland reported year-to-date collections come to $3.17 million.
Collections for the month were nearly $342,000, which is up $3,600 from the previous month and an increase of $11,800 from the same period the previous year.