Limestone Co. Schools affected by million-dollar mistake

Limestone Co. Schools affected by million-dollar mistake
Limestone Co. Schools affected by million-dollar mistake (Source: WAFF)

LIMESTONE COUNTY, AL (WAFF) - Officials say a million-dollar mistake could force the Limestone County School system to dip into their reserves.

Kim Hubbard, the Chief School Financial Officer, says they need to add $1.8 million to the budget for debt service, an amount that had previously been left out.
As it stands right now, the school system does not have one month's worth of funds in the reserves, and taking out this money would only further empty the pot.
This is all stemming from a report released by our media partners at the News Courier.

A state school board mentor to the newly hired Financial Officer says this is problematic because it leaves employee payroll vulnerable, although she also says steps have been taken with the district's primary financial institution to ensure that funds are available to cover paychecks if the state is paid late.
Board members are aware of the financial shortfall - some directing their frustration at the systems previous financial officer.
Suggestions have been made to open a new line of credit, which would give them an option to borrow the money needed. Board members say it's an idea they are open too.

Superintendent Tom Sisk said it's too early to comment on any cuts to next year's budget, but that they will take the necessary steps to be in compliance with the law to meet reserve requirements.

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