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County pledges to “work with” school board on budget issues

July 5th, 2016 by WCBC Radio

The Allegany County Board of Education at a special meeting last week approved a $2.2 million transfer from its general fund to cover skyrocketing employee health care costs. The action, taken just before the start of the new fiscal year, further depletes the school system's cash reserves reaching a dangerously low level. The general fund, which topped $12 million four years ago, now stands at just $1.5 million by the transfer. Financial advisors recommend that a system’s reserve fund be high enough to cover two months of expenses. The board’s current rainy day fund could not approach that. Allegany County Commissioner Jake Shade told the school board’s chief financial officer that the county is aware of the fiscal challenges facing the board- and that the commissioners are willing to help out if possible…





 

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