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Board reviews state budget outlook, new grants and recommendation to hire financial advisor
Summary
Business staff reviewed the governor’s signed budget impacts, a June cash deferral, proposed student‑support grants and competitive school‑meals funding; board members discussed a recommendation to engage Fardier Finance Advisors to manage a portion of reserves and approved a vendors list by consent.
BIRMINGHAM — School business staff briefed the board on state budget changes, several education grant opportunities and a recommended financial‑advisory relationship to pursue higher returns on the school’s reserves.
Staff said the governor signed the state budget on June 27 and that the final plan addressed a roughly $12 billion shortfall using program reductions, reserve draws, loans and a June cash deferral. The deferral will delay a roughly $1.5 million June apportionment to Birmingham until July, staff told the board, requiring the school to manage cashflow in the near term.
Business staff outlined education items in the signed budget: a 2.3% cost‑of‑living adjustment (COLA), a student‑support block grant…
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