In the Sept. 18 edition of Lagniappe, we reported a story with the headline “MCPSS revenues almost $90 million short of projected expenditures.”
Though that figure is reflected in the “FY 2015 Combined Budget Statement” provided to Lagniappe, school officials have requested a clarification.
According to the MCPSS communications department, the $165 million listed under “beginning fund balance” should have been added to the system’s $630 million of “projected revenue” in order to obtain $795 million of revenue in FY 2015. That number is slightly more than what the system has outlined as $794 million of planned expenditures – a number arrived at by at adding $719 million listed on the statement as “total expenditures” and $75 million listed as on the statement as “ending fund balance.”
The system said the misunderstanding is the result of a $100 million bond it received in 2012 to fund capital projects.
However, the budget statement clearly shows the system with a starting balance of $165 million and a projected ending balance of $75 million, meaning expenditures would indeed outstrip revenue by $90 million. In the statement, $99 million listed under expenditures for capital projects funds was actually money from the 2012 bond, although it was not listed as such.
According to MCPSS, the bond revenue – listed under Capital Projects in last year’s carryover funds – is still revenue. Though it was revenue from 2012, the school system maintains it is indeed revenue because it was received but has yet to be spent.
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