Tuesday, June 21, 2005

Lack of state money may cause some districts to dip into fund reserves

OA Online News: "West Texas school districts might need to dip into their reserves if state lawmakers, who begin a special session today, fail to hammer out a school-funding plan by the start of school.
Ray Matthews, superintendent of Pecos Independent School District, said Texas school districts are wondering how they will pay for salaries, textbooks and the operation of school buildings come mid-August.
“We start Aug. 15, and we’ll have to go into our fund balance if there’s not an answer by then,” Matthews said. “It’s tough overall and some smaller districts will have to borrow money.”
By law, school districts are required to have two months of reserve funding that is supposed to enable the district to operate without incoming revenues in emergency situations."


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