Richland 2 reports $161 million fund balance and revenue/expenditure details at third-quarter briefing

Senior chief financial officer Nancy Williams presented Richland 2’s third‑quarter financial report at the May 26 work session, offering line‑by‑line detail on revenues, expenditures, cash balances and key funds.

Williams reported the district had a $161 million fund balance at March 31, representing 39% of the general fund and roughly 4.65 months of expenditures. Year‑to‑date revenue receipts across funding sources were 74.7% of anticipated revenue; overall expenditures were 63.7% ($264.6 million) through the third quarter. She highlighted that district spending on utilities and maintenance remained above prior years and noted that certain program allocations — specifically reading coaches and a summer reading-camp allocation — will require supplementation or continued expenditure into the summer months.

Williams gave detailed figures for property tax receipts and relief, interest revenue (noting stronger-than-projected interest income and a 3.6% Optus account rate credit), capital-fund balances and outstanding purchase orders, and the status of several special revenue funds (including EIA funds and Medicaid-related collections). She said a CD from First Community Bank had been closed in April and moved into the LJIP and that the board-approved closure of the First Palmetal CD would similarly move funds to an LGIP for higher yield.

Board members asked specific questions about uses of the school-safety grant, whether summer reading camp expenditures included materials or staffing costs, vacancy and turnover data by school, and how interest-rate trends were factored into the FY27 budget projections. Administration agreed to provide follow-up detail on turnover by school site, exit-interview data and KPI reporting for strategic-plan monitoring.