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Commissioner Hovis - Financial and Management Services - Finance - To Reduce Appropriated Interest Earnings on the 2023 Bond Anticipation Notes (BANs) for Gaston County Schools to Spend on Facilities in FY2025 ($67,730.41)
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STAFF CONTACT
Kyle Sutherland - Finance - 704-866-3130
BUDGET IMPACT
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Education Capital Fund: Decrease interest revenue and BAN expense budget by $67,730.41 in FY2025.
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BACKGROUND
The Board of Education budgets the use of bond funds and the Gaston County Commissioners approves the use of these funds. The bond interest earnings bear the same obligations and restrictions as the bond proceeds from which they are derived. Board Action 2025-120 estimated the accrued interest for April - June FY25 would be $119,365.28. The interest earnings actuals for April - June FY25 was $49,296.11 and July was $2,338.76 for a total of $51,634.87. This Board Action reduces the appropriated interest earnings in FY2025 by the difference between the original estimate and the actuals ($67,730.41).
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)