HomeMy WebLinkAboutC.054.93011_0340OdW
FunctionsSchools
54%— 46%
00/01
Other
Functions-1Schools
S3% \447%
Proportion of Educational Fundina
01/02
Other
Functions,
53%Schools
4 47%
OtherSchools
Functions- 49%
51%
03104
Otherschools
Functions449%
51%
04!05
OtherSchools
Functions-4
unctions 50%
50%
Yarborough said the above charts (Iredell County budgets from 1999-2000 through
present) showed that the Iredell-Statesville School System had not been shortchanged.
Iredell-Statesville Schools
Unreserved, Undesignated Fund Balance
6/30/2002 6/30/2003 6/30/2004
$58,407 $3,537,085 ?*
Yarborough said he had read local newspaper articles about the school system's $124
million funding request. He noted that General Obligation Bonds (GOBs) were always the
cheaper route for this type of debt. He said Certificates of Participation (COPS) were sometimes
used, but this was generally when the project(s) would not be approved by the public in the form
of GOBs. He mentioned that if a $124 million bond package were submitted to the people, and
it came time for the rating agencies and the insurers to review the project, they would not be
looking at the school system's fund balance, they would be looking at the fund balance of the
county. He said the county's fund balance was critical in achieving efficient cost effective
financing for long-term capital projects. Yarborough said that if the school board had no fund
balance, it could apply to the county for more money, but if the commissioners were out of
money, they could not apply to the school board.
Mr. Yarborough said the reason for the question mark in the above figures* was because
the county did not have a current estimate on what the school system had in its fund balance.
Iredell-Statesville Schools Fund Balance
General Fund (current expense)
Audited Reported
6/30/2003 02/17/04
Unreserved, undesignated
Fund balance $ 3,537,085 $3,080,026
Transfer to Capital Outlay
Approved 2/17/04(58&448)(593,449)
10