The Florence School District 3 Board of Trustees approved a request from Superintendent Dr. Laura Hickson to transfer nearly $3.7 million from the district’s fund balance and sell up to $1.2 million in general obligation bonds to fund facility and safety upgrades.
The transfer of funds and the sale of general obligation bonds will upgrade security cameras at Lake City High School, J. Paul Truluck Creative Arts and Science Magnet School, and Dr. Ronald E. McNair Junior High School.
Additionally, funds will be used for facility upgrades at Ward Memorial Stadium, including a new fieldhouse, restrooms and concessions, as well as improvements to the weight room, batting cages, and wrestling area at Lake City High. Funds will also provide opportunities for additional extracurricular activities, such as bowling clubs, chess clubs and golf clubs.
The plan also included expanding and updating the Scranton Elementary STEAM Academy cafeteria. The expansion of the dining area means the school will not have to begin serving lunch early in the day.
Other renovations are currently in progress in the building that houses the cafeteria, including roof replacement, HVAC, window and lighting upgrades, interior painting, exterior wall coating, and an upgraded fire alarm system.
Other funds will be used for marketing and marketing materials to promote the district to retain and increase student enrollment.
The transfer of funds also included employee bonuses.
The S.C. Department of Education requires school districts to hold a minimum of 8.33 percent of total expenditures in fund balance to cover contingencies such as emergencies, budget reductions, capital improvements, etc. According to the district’s recently completed independent audit, FSD3’s fund balance has grown to 39.3 percent, or $10.9 million. The district’s fund balance total was $2.4 million in 2018.
The transfer from the fund balance will still allow the district to maintain reserve funds of more than $7.3 million.