Finance & Budget
The cost of public education in North Carolina is financed primarily by the state, which provides resources to implement a Standard Course of Study. Local funds may supplement the basic educational program and are appropriated by local Boards of County Commissioners. Local Boards of Education have no tax levying or borrowing authority and are required to maintain accounting records in a uniform format.

Adopted Budget Summary      Comprehensive Annual Financial Report (CAFR)

Funding Source                                                  2014-2015                 2015-2016 2016 CAFR
Year Ended June 30, 2016

State Public School Fund                                         $136,051,188              $136,306,649 2015 CAFR
Year Ended June 30, 2015

Local Current Expense Fund                                    $58,113,686                $60,428,857 2014 CAFR

Year Ended June 30, 2014

Federal Grants Fund                                               $15,583,242                $17,353,841 2013 CAFR Year Ended June 30, 2013

Capital Outlay Fund                                                $18,545,868                $37,601,141 2012 CAFR Year Ended June 30, 2012

Child Nutrition Fund                                                $14,509,943                $13,329,671 2011 CAFR Year Ended June 30, 2011

Other Specific Revenue Fund                                   $7,713,957                  $7,447,861 2010 CAFR Year Ended June 30, 2010

 Total                                                                   $244,454,523           $272,468,020         2009 CAFR Year Ended June 30, 2009

State Public School Fund
This fund shows the total that the State provides to us through the "allotment" process. Other state revenue, such as textbook allocations and some small grants, may be recorded in the Local Current Expense Fund.

Local Current Expense Fund
This fund records all revenue and expenditures that are not required (or permitted) to be recorded elsewhere. It contains state, federal, and local revenue sources, the largest of which is the local appropriation from the County of Buncombe.

Federal Grant Programs Fund
The fund shows the total of federal grants that are allotted through the state. Other federal grants may be paid directly to Buncombe County Schools and are recorded in the Local Current Expense Fund.

Capital Outlay Fund
This fund records all our expenditures for our building program as well as regular capital outlay items. It is funded by portions of two "local option" one cent sales taxes. Because local education agencies do not have the power to incur debt, the County of Buncombe sells bonds for school construction for us. The debt service on these bonds is also paid from the local option sales tax.

Child Nutrition Fund
This fund records all the revenue and expenses associated with our Child Nutrition (Food Service) operations. It is funded by federal support in the form of commodities and subsidized meals and by sale of meals and supplemental items to students and staff.

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