School district projects positive fund balance

 

School district projects positive fund balance

 

Date: February 25, 2014
by: Josh Siegel | Staff Writer

 
 

At the Manatee County School Board meeting Tuesday night, district finance staff will reveal that it projects to have an $8.1 million surplus in its fund balance by June 30.

Last year at the same time, the district had a $7.5 million deficit in its fund balance — also known as reserves. 

That represents a more than $15 million turnaround in one year. 

The projected surplus does not take into account two State Auditor General’s Office reports, produced in December, which revealed the district could spend more than $9 million to recover from major financial errors incurred in the past.

Superintendent Rick Mills is negotiating with the Florida Department of Education to reduce the fines down, so the district can preserve its positive fund balance. 

The school board meeting is at 5:45 p.m. Tuesday, at 215 Manatee Avenue W.

Contact Josh Siegel at jsiegel@yourobserver.com.  

 

 

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