|Published: 4:30 PM, 09/03/2013
||Last updated: 4:30 PM, 09/03/2013
Author: Jessica Cross
Source: The Monroe County Advocate
Sometimes you are glad to find out a
mistake was made.
That is the case with the fund balance
for the Monroe County School System when it comes to the 2013-2014
A lot of controversy had swirled around
the school system's believed to be vastly shrinking balance/reserve
funds left over after expenses are paid from revenue.
The proposed budget Director of Schools
Mike Lowry was working with a showed $2,995,652 beginning fund
balance for the 2013-2014 school year. That budget was passed by the
Monroe County Board of Education on Aug. 16 with a vote of 7-2, with
only Sonya Lynn and Janie Harrill voting it down.
But due in part to a decrease in
federal funds, the budget projected only a $1.4 million fund balance
by the time the budget year ended June 30, 2014. That $1.4 million
fund balance would still have met the state's requirement that
3 percent of a school system's budget be set aside in reserve.
But even though Lowry knew the loss of
federal funds would cut into the reserve funds, that low of a fund
balance just did not sound right. He kept going over the
figures with the Monroe County Finance Office and it was
discovered that the 2012 numbers had been used instead of current
School System officials met for three
hours with state Department of Education officials Thursday. The
Finance Office had already sent the figures to the County Technical
Advisory Service, Lowry said. During the meeting with state
officials, great news came back.
The school system actually has a
beginning fund balance of approximately $4.2 million for
See full story in the Sunday, Sept. 1, edition of The Advocate & Democrat.
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