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School system ends fiscal year with big surplus

Grady County Board of Education members received some good financial news Tuesday night.
Finance Officer Dan Broome, who is still recording tax receipts for the year ended June 30, 2015, reported to the school board that the system ended the year with a surplus of $319,358.28.
“It may be more than that. I’m not completely through closing the books,” Broome told The Messenger.
Broome reminded board members that when they adopted the 2015-2016 operating budget there was roughly a $280,000 deficit that would have to be made up with fund balance.
“This surplus will more than cover that deficit for 2016,” Broome told the board.
The school system finance officer is also making preparations to pay off the system’s bonded indebtedness on Oct. 1.
The bonds were issued under the superintendency of Steve Wooten to finance the construction of the Cairo High School gymnasium as well as other capital projects.
Broome has been in contact with the bond attorneys and representatives of Regions Bank to coordinate payment of that debt by Oct. 1.
The only other debt the school system has is $7 million in bonds recently issued to fast-track the construction of a new administrative building and classroom wings at Southside Elementary School. The bond was authorized in the Education Special Purpose Local Option Sales Tax #4 referendum and will be repaid with proceeds from the sales tax.

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