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Audit shows Florence School District Five’s working capital at ‘good level’

November 29, 2018

JOHNSONVILLE, S.C. – Certified public accountant Brenda Jackson with Kenneth Cobby & Company said Florence County School District Five’s general fund balance totaled $1,622,000 on June 30, 2018.

She presented the district’s 2017-18 fiscal audit report at a school board meeting Monday evening.

In previous years, Jackson said, she has talked about breaking the district’s general fund balance down to the number of days of working capital.

“Your average expenditures were about $25,000 last year,” Jackson said. “That gives you 59 days, so right at two months. So you’re really in that good level of where you should be because usually most entities will say anywhere from one and a half to two and a half months.”

In the prior year, Jackson said, the district was at about 65 days of working capital and 62 days in the year before that.

According to Jackson’s audit report, District Five’s special revenue funds, which include grants, Title One and Medicaid, had a balance of $1.6 million at the end of the fiscal year. Of that total, $678,000 is money that the board set aside for an early childhood building project, Jackson said.

“The additional $968,000 is mostly EIA, which contains some of the Abbeville money and some Medicaid and some of your other grants,” she said.

District Five’s total revenues equaled $9.2 million, according to Jackson’s report. And of that $9.2 million, $7 million was state revenue driven by student count, Jackson said.

“And then that number was down, or your state revenues were down, about $127,000 from the prior year,” she said.

The district’s expenditures for fiscal year 2017-18 totaled $9,681,000, according to Jackson’s report.

District Five’s cash and cash equivalents totaled about $194,000 for last year and investments were at $2.5 million.

“Total together you were at $2.7 million,” Jackson said. “Compared to the prior year, you’re up about $247,000 in your cash and investments.

“Your total capital assets net of depreciation, which is your land and all your buildings, equipment and so forth, totaled about $7.6 million compared to about $7.5 million in the prior year.”

The district’s assets totaled $11.6 million last year, according to Jackson’s report.

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