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Cabarrus County Schools deficit narrows to about $5.2M; board to use fund balance and adopt continuing resolution
Summary
Finance director Philip Penn told the school board the districtdeficit has fallen to roughly $5.2 million after a Medicaid settlement and returned funds; the board agreed to add a budget amendment and a continuing budget resolution to next week—9s consent agenda.
Philip Penn, a district finance staff member, told the Cabarrus County Board of Education at its June 2 work session that the districtdeficit for the 2024-25 fiscal year had narrowed to about $5.2 million.
Penn said the change reflects an $879,000 settlement letter tied to Medicaid reimbursements and $1.6 million returned to the district by Kids Plus. "That greatly increases the likelihood we will see those funds prior to the end of the 20 three-twenty 4 fiscal year," he said, and added that the district could close the gap "using some of the remaining fund balance that we have at this point." He cautioned that using fund balance reduces reserves…
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