SPRINGFIELD — Key revenue sources for the Effingham County School District appear to be resistant to COVID-19.
Finance Director Ron Wilson reported the good news to the Effingham County Board of Education while discussing the May financial statement during its Aug. 5 meeting.
At the end of may, the district had a general account balance of $17,152,981,20. The balance on the day of the meeting was $8,114,836.
“We have not yet recorded all our July activity so that number will increase,” Wilson said.
The finance director then moved into the rate of property tax collections. The district banked $2,667,352 in May, bringing the year-to-date total to $28,709,876. There was uncollected balance at the end of the month of $2,203,368.
“We had a strong month in June with $1,827,668,” Wilson said. “And, of course, July is now finished. For July, we had $451,146.”
Wilson said the recently collected funds can be county toward FY2020.
“If you do that, the uncollected balance you see there of $2,203,368 — you put in what you collected in June, you put in what you collected in July — and we have now exceeded our budgeted revenue of $30,913,000 by $75,447. That’s really strong.
“I was very surprised to see that.”
August property tax revenue can also be counted toward 2020, Wilson said.
Title Ad Valorem Tax (TAVT) revenue dipped slightly in May to $251,956. Year-to-date collections, however, stand at $3,368,207, slightly more than $1 million more than was budgeted.
TAVT revenue recovered in June jumping to $312,724. That is more than $1 million above the budgeted amount.
It did even better in July, rising to $399,069.
For the year, the district has collected more than $1.7 million in TAVT funds than budgeted ($340,000 monthly).
“We are very pleased with the way TAVT collections have gone,” Wilson said.
Wilson also noted that SPLOST proceeds exceeded $800,000 in May, June and July. The monthly budget projection is $650,000.
“SPLOST continues to be very stable, throughout this period” he said.