Ardmore City Schools leaders announced Tuesday that after months of tightening the budget along with collecting more than $3.3 million in gross production and motor vehicle tax combined, the district will likely end the fiscal year with a projected carryover of $1.79 million.
The preliminary carryover number was reported by Kelly Shannon, the district’s director of finance, at the Tuesday Ardmore Board of Education meeting.
Shannon, who presented a budget document with preliminary final numbers for fiscal year 2013-14, said the district ending the year in a positive cash balance despite not collecting an anticipated $1.6 million in ad valorem tax revenue from a local company.
“We did a number of significant changes in January when we found out Valero had protested,” Shannon said. “We had a good half million that we moved from other funds. Also, I think the overall tone of the district was to try to save money.
“Everybody in the district worked hard to cut costs, watched what they were doing and utilized the funds we had.”
At the February board meeting, school leaders reported that the district stood to lose $1.625 million in ad valorem tax revenue under an appeal filed in Carter County District Court. It was reported Valero Refining Company, which owns and operates a refinery at 250 Industrial Road in Ardmore, paid 25 percent of the 2013 ad valorem valuation and protested the remainder of the valuation.
Court records show Valero Refining Company filed an ad valorem tax appeal with the court on July 5, 2013. That case remains ongoing in the courts, and a status conference is set for today.
On June 11, the company filed a tax protest based on the 2014 assessment, according to court records.
The school district’s fiscal year ended on June 30. During that year, $1.9 million was received for gross production tax, and $1.468 million was collected for motor vehicle tax. Those funding sources were up when compared to years previous, Shannon said.