Finance officer reports revenue gains, audit near completion; board reviews reimbursement policy and Whitaker Bank sponsorship
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Summary
The finance officer reported year‑to‑date revenue of $13.7 million (3% increase) and an expense uptick; the audit deadline was extended and the district expects final reports soon. The board heard a first reading of revised expense reimbursement policies (meal per diem rising from $40 to $50; high‑rate area $60) and heard discussion of a proposed $25,000 Whitaker Bank sponsorship for gym naming rights (roll‑call vote mentioned but result not recorded).
The Mercer County Board of Education received a finance update and policy items during its meeting.
Finance officer (speaker 8) told the board that "for October 2025 our year to date actual revenue was 13,700,000.0 which is a 3% increase from the prior fiscal year." The general fund revenue budget was cited at $32,400,000.0. Year‑to‑date expenses were called out at $7,300,000.0, a 14% increase from the prior fiscal year; instruction spending was reported at 47.19% of categorical spending. The finance officer said the district is in the final stages of its audit and that the state extended audit deadlines this year, delaying the formal audit presentation until it is completed.
Speaker 8 also presented a first reading of revised Expense Reimbursement Policies, explaining the district is aligning per‑diem meal rates with state guidance and simplifying documentation in some cases. "Currently, we are at $40 per day for just a standard rate. This would increase it to 50," the speaker said, adding that a defined high‑rate area would be set at $60.
Separately, the superintendent and speaker 3 discussed a proposed Whitaker Bank Land Rights and Advertising Agreement intended to offset gym renovation costs. Speaker 3 said Whitaker Bank proposed $25,000 in exchange for naming recognition on the gym floor. The transcript records that the item was listed as a roll‑call vote but the recorded transcript does not include the vote outcome.
No budget adoption or policy finalization occurred at this meeting; the reimbursement policy was at first reading and the Whitaker Bank sponsorship was listed for roll‑call vote with no result in the provided transcript. The board asked clarifying questions and staff said the audit report and final policy forms will appear at future meetings.