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Finance chief: Levy County schools report clean audit but face roughly $450,000 state revenue shortfall after proration and scholarships
Summary
District finance staff reported no financial audit findings for the prior fiscal year but warned school funding will be reduced after state proration and increases in scholarship programs, leaving an estimated $450,000 revenue shortfall that will require budget amendments.
Levy County School District officials reported a clean financial audit for the last fiscal year but said state-level proration and growth in scholarship programs are expected to reduce the district’s state revenue by roughly $450,000.
Miss Lake, the district’s finance/administrative staff member, told the school board there were “no deficiencies over internal controls identified. There were no material misstatements. Federal awards were in compliance.” She said the district must now prepare a budget amendment after a late third calculation from the state showing a combination of proration and increased scholarship counts.
Lake explained the state’s funding…
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