Henry County Schools Close the 2023-24 Year Under Budget

Henry County Schools presented its 2023-24 closing budget report in August. The school district closed the last school year under budget. They expended $502 million during the year, or 97.6% of their $515 million dollar budget. The budget numbers are based on monthly finance reports.

2023-24 Year Budget Closing Report

Henry County Schools Chief Financial Officer Shanika Clay presented the June 2024 monthly budget report during the August 2024 board meeting. This was also the final month of the 2023-24 budget. According to her report, the school district general fund collected $550.8 million in revenues during the 2023-24 year. This was comprised of the following:

• $278.2 million in local revenues, an increase of $26.6 million over budget,
• $270.8 million in state revenues, an increase of $6.4 million over budget, and
• $1.7 million in federal revenues, about $200 thousand under budget.

Altogether, this resulted in $32.8 million in greater revenues over budget. The additional revenues occurred because of local property tax digest growth and higher interest earnings, both above the district’s budget estimate.

Looking at expenses, the district expended $502 million during the year, or 97.6% of their $515 million dollar budget. The lion’s share of the budget, 66%, goes to instruction. The district spent $328 million during the year, compared to a budget of $339 million. This equals 96.7% of the budget. Some other expense categories within the budget are below:

• Pupil Services – $21.1 million expended (85.9%) of $24.6 million,
• School Administration – $38.7 million expended (98.5%) of $39.3 million,
• Maintenance & Operations – $52.4 million spent (112.9%) of $46.4 million, and
• Student Transportation – $23.9 million spent (94.9%) of $25.2 million.

Please note not all expense categories are listed above.

Overall, the district’s general fund closed with a $45.2 million dollar net increase. This funding will now roll into the district’s fund balance, or savings account. It may be used for either future capital projects or to offset a future budget.

To learn more about Henry County Schools Financial Services, visit their website here.

Henry County Schools adopted its 2024-25 budget in May. It has $561.4 million in expenses. Learn more about it here. In July, the school board lowered the district’s property tax rate by 1.628 mills.

Featured image shows the school district office. Henry County Schools photo.