The Newton Municipal School District only has one percent of its total budget in reserves as of the first of December, but officials believe they will be back above the district’s seven-percent minimum once property taxes, federal funds and Mississippi Adequate Education Program funding begins to roll in this month and January.
Business manager Dianne Duke said funds normally are low during this part of the year, as district has to carry federal programs that don’t begin to receive funding until mid-year.
“We receive the majority of our ad valorem and MAEP monies in the next few months,” Duke said. “We try to begin the year with good fund balance that can carry us through the first part of the year until we receive our funding.”
Superintendent Nola Bryant said every school district in the state must do the same thing that Newton is doing.
“Our funds are lower than they were last year at this time, but it’s not something we are worried about at this time,” Bryant said. “If we are in the same position at the end of January, then we’d be really concerned.”
Duke told the board during a work session on Dec. 3 that some of the reasons for the lower fund balance is due to some federal funds not being released for last year’s budget cycle. They are still waiting on those funds to come in, along with funds for this year’s budget.
Bryant said they have submitted paperwork to receive those funds, but she said it was later than they normally would like it to be submitted.
“It’s really imperative that we get our paperwork submitted in a timely manner so that we can receive funding as soon as possible,” Bryant said.
Bryant said she anticipates being back above the seven-percent minimum in the next few weeks as those funds begin to come into the district.
