By: Mat Cloak
The Parsons Advocate
The Tucker County Board of Education approved its financial statement for the 2016-2017 fiscal year during a special meeting on Thursday, September 28. The financial statement will be submitted to the West Virginia Department of Education.
Treasurer Tracy Teets presented the statement to the Board. “I don’t know if it’s good or bad, but the financial statements came pretty close to what my original projections were,” Teets said. “I don’t think there are any major surprises there.”
The balance sheet in the report stated a total fund balance of negative $208,832. The difference in the expenditures from revenues is negative $535,742. The fiscal year began with $326,910; therefore, the fund balance that will carry over into the 2017-2018 fiscal year is $208,832.
The other post employment benefits payable liability is $410,160. “That is the amount that the state adds back to our fund balance to come up with a more working fund balance,” Teets said. “So if you add that back, you are at a positive of almost $200,000.”
“The other funds are positive balances,” Teets said.
The net change in fund balances of governmental funds to the statement of activities was $316,735. About $107,000 was lost in National Forest Land revenue.
In regards to this year’s financial plan, Teets said, “We had said that we need to break even on our own, but we will not save $208,000 in one year.”
The next Board of Education meeting is on Tuesday, October 3, at Davis Thomas Elementary Middle School at 4 p.m.
