The Lake Wales Charter Schools Board reviewed and approved its October financial report during the Nov. 17 meeting, with staff reporting overall stable finances and positive month-to-date results.

Chief financial presenter Mr. Smith said consolidated assets increased about $207,362 to approximately $50.4 million while liabilities rose to about $21.3 million. Year-to-date revenues were reported near $16.7 million with expenditures of roughly $13.1 million, leaving an excess of revenues over expenditures of about $3.5 million.

Mr. Smith highlighted a large October improvement in the food-service fund: a $460,377 surplus tied to revenues received ($955,649) against typical monthly expenditures ($495,271). He also noted federal-program spending at about 28% of budget and capital-project fund balances of roughly $483,009.02 (North) and $432,006.72 (South), which he said are sufficient to service related debt.

Trustees questioned a placeholder line for 'other state revenues' that showed an over-budget amount; Mr. Smith explained the figure was a temporary placeholder tied to teacher-salary allocations from FEFP and will be adjusted in mid-year revisions. Trustees also noted higher board-related expenditures (legal, audit) this year and were told those fees are expected to taper as one-time groundwork completes.

The board approved the financial report by roll-call vote.