An auditor gave the Fort Mill School District’s finances a clean bill of health, according to a report released at a school board meeting Tuesday night.
The report was presented by David Phillips, an accountant with Greene Finney & Horton, the company that conducted the audit.
The district’s general fund balance stood at $15.49 million on June 30, reflecting an increase of $571,000 for fiscal 2013, Phillips said. General fund revenues increased from the prior year by $4.51 million to $78.67 million, reflecting a $2.95 million increase in state revenues due to an increase in base student cost and a $1.56 million increase in local revenues due to increased property tax assessed values, Phillips said.
General fund expenditures saw a $7.48 million increase from the prior year to $75.40 million, primarily due to an increase in salaries and employee benefits, and the district’s total long-term debt obligations stood at $278.15 million, an increase of $13.53 million from the previous year, Phillip said. The debt is from growth-related infrastructure projects.
Phillips, who said the fund balance provides assurance in times of economic uncertainty, reported that the district expects to pay a total of $24.75 million in debt service payments in 2014.
The district compiled the report with the help of Assistant Superintendent of Finance and Operations Leanne Lordo, Project Manager Autumn Lauber, Nation Ford High School teacher Joe McConkey and report designers Stephanie Cavanaugh and Zachary Lutz.
Although cold weather has hampered some construction at the new Riverview Elementary site on Spratt Street, the district continues to make progress on other new schools to the area, said Jim Britton with Cumming Corp., a Fort Mill-based construction management company. Other schools are being built near Gold Hill Road in Tega Cay and Doby’s Bridge Road in Fort Mill.
Enrollment has increased from 11,755 students in December to 11,763 students at the beginning of this year, officials said.