Beaufort County finance committee reports strong Q3 finances, $12.6M debt payoff saves taxpayers
May 16, 2024 | Beaufort 01, School Districts, South Carolina
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The Beaufort County Board of Education Finance Committee on May 16 reviewed third‑quarter finances that show stronger‑than‑budget property tax collections and a recent debt payoff officials said will save taxpayers about $833,000.
A district finance presenter summarized results through March 31, reporting local property tax collections of $199.9 million (about 102.5% of budget) and state revenue collections at roughly $91.4 million (about 74.8% of budget). The presenter told the committee the district has increased fund balance to a level that allowed it to avoid issuing a tax‑anticipation note this fiscal year.
The presenter said the district paid off an installment purchase related to a SCAYO revenue bond, transferring $12.6 million and reducing recurring debt obligations. "We were able to ... pay down that debt, right away, $12,600,000 worth of debt. And so it also saved taxpayers $833,000," the presenter said.
Committee members asked about the timing for a credit‑rating update and the bond issuance schedule. Staff said credit‑rating calls are scheduled for July 8–9 with plans to bring bond resolutions back to the committee in June and to the full board for vote as needed.
Members also discussed budget "slippage" and special‑education costs. Staff said some vacancies are being covered through contracted services, which reduces payroll slippage but increases contractual expenditures. The presenter estimated potential slippage in the range of a few hundred thousand dollars and said the district remains "tight" and will continue to monitor expenses.
ESSER (Elementary and Secondary School Emergency Relief) spending was discussed alongside general fund figures. Staff reported ESSER expenditures at about 52% of the budget and noted large encumbrances for capital projects such as HVAC work; staff said they expect to spend remaining ESSER funds on listed activities and summer programs before expiration dates.
The committee accepted the report and instructed staff to bring additional bond information and timelines to future meetings. The committee also discussed sending a letter to the congressional delegation summarizing ESSER spending and thanking them for support once closeout is complete.
The finance committee adjourned after completing the agenda.
A district finance presenter summarized results through March 31, reporting local property tax collections of $199.9 million (about 102.5% of budget) and state revenue collections at roughly $91.4 million (about 74.8% of budget). The presenter told the committee the district has increased fund balance to a level that allowed it to avoid issuing a tax‑anticipation note this fiscal year.
The presenter said the district paid off an installment purchase related to a SCAYO revenue bond, transferring $12.6 million and reducing recurring debt obligations. "We were able to ... pay down that debt, right away, $12,600,000 worth of debt. And so it also saved taxpayers $833,000," the presenter said.
Committee members asked about the timing for a credit‑rating update and the bond issuance schedule. Staff said credit‑rating calls are scheduled for July 8–9 with plans to bring bond resolutions back to the committee in June and to the full board for vote as needed.
Members also discussed budget "slippage" and special‑education costs. Staff said some vacancies are being covered through contracted services, which reduces payroll slippage but increases contractual expenditures. The presenter estimated potential slippage in the range of a few hundred thousand dollars and said the district remains "tight" and will continue to monitor expenses.
ESSER (Elementary and Secondary School Emergency Relief) spending was discussed alongside general fund figures. Staff reported ESSER expenditures at about 52% of the budget and noted large encumbrances for capital projects such as HVAC work; staff said they expect to spend remaining ESSER funds on listed activities and summer programs before expiration dates.
The committee accepted the report and instructed staff to bring additional bond information and timelines to future meetings. The committee also discussed sending a letter to the congressional delegation summarizing ESSER spending and thanking them for support once closeout is complete.
The finance committee adjourned after completing the agenda.
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