The Putnam County School Board has decided to cover a some $655,000 budget deficit with fund balance money.
The move was included in the third and final draft of the school spending plan approved by the school board Thursday. Director of Schools Corby King said the budget also increased in expenditures by about $4.1 million.
“We feel very comfortable,” King said. “We have a healthy fund balance. So, we feel very comfortable recommending that we use the fund balance to balance this budget at $655,582 gap.”
School Board Chair Lynn McHenry said the deficit is small in comparison to the overall approved $97 million dollar budget.
“I’m trying to put the $600,000 in perspective for those who might not understand,” McHenry said. “That is a huge number of course, but our budget yearly is at the $97 million mark.”
King said the budget also includes a projected increase of BEP funding by about $1.4 million. King said as well as, $3.4 million added directly to employee benefits, which made a four percent raise possible.
“The cooperation between the school board and the county commissioners this year has made this budget a possibility,” King said. “(…) This is the most exciting thing for me, and I think for our employees. And, I think this is just again working the school board and the county commissioners together were able to actually give a four percent raise this year.”
King said the raise will be enacted to base salaries. King said the remainder of employee benefit increases are about $868,000 for step pay increases and $125,000 for health insurance.
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