In combing through the current year's budget totals and projections, it appears the Sumter School District will end the 2017 fiscal-year cycle on June 30 with about $1.2 million in surplus revenues over expenditures.
The district's financial consultant said that money can then be moved over to help the district's low general fund balance, which stood at $106,449 at the end of last year's fiscal cycle on June 30, 2016.
Sumter School Board's financial consultant Scott Allan made those comments Thursday during the board's monthly finance committee meeting. Allan made that $1.2 million projection, or estimate, after analyzing year-to-date expenditures and revenues and projected totals in both categories through June 30, the last day of the fiscal year.
According to Allan, who has been handling the district's financial reporting during his term as consultant, a key contributor to the positive financial picture for this year's budget is expenditures saved in the Operations and Maintenance category. The school district is projected to save about $2.2 million in budgeted expenditures in that category through June 30, according to his financial reports from Thursday.
Likely, the savings have occurred since the school board adopted a district emergency financial plan in January. The plan was proposed by Superintendent Frank Baker and eliminated 47 jobs and slashed various budget line items by 50 percent this semester after the 2016 audit report revealed in December that the district overspent by $6.2 million last fiscal year, which ended June 30, 2016.