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Oldham County Schools are in a slightly improved financial position compared to this time last year, though difficult economic times may be ahead, said Chuck Littrell, the district’s chief financial officer.
The board of education closed the 2010-11 fiscal year with an unreserved balance of $8,641,908, or 7.72 percent of actual receipts.
The board’s long-standing goal for year-end contingencies is 5 percent, Littrell said.
The reserves reflect an increase of $103,282 compared to the previous year, which will be used to help offset budget restrictions in the Support Education Excellence in Kentucky funding and grant programs in the future, he said.
“In as challenging times as these, I think this is outstanding,” Littrell said to board members at its July meeting.
In particular, he credits the transportation and maintenance departments for not using the entireties of their budgets and lauded the school services department for maintaining close to its FY 2009 budget.
He also noted that federal stimulus fund initiatives, totaling more than $4 million, were “major influences” on the district’s ability to maintain its level of year-end balances.
Littrell warned that the district faces “future difficult economic changes” likely resulting from the expiration of federal stimulus support, small or negative rates of growth from property tax values, potential slight decreases in student enrollment and continued state and federal unfunded mandates to escalate over the next five years.
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