June 5th, 2014 by WCBC Radio
The financial strain of having to reduce its FY 2015 budget by more than $3 million has forced the Allegany County Board of Education to dip into its general fund in recent years to meet operating expenses. The general fund, which was close to $10 million at this time last year, will be tapped for $4.6 million in 2014 and a projected $3.1 million in 2015. At the end of fiscal 2015, the general fund will be $1.8 million. The board will finalize its budget next week- and at that time determine how much to cut, and how much to tap into the reserve fund to balance the budget. Board member Sara-Beth James said the board could use some guidance on how much represents an adequate fund balance….
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