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Cabarrus finance staff reports improved forecast; board approves budget amendment no. 5
Summary
Chief financial officer Phil Penn updated the board on improved projections and spending limits; the board approved budget amendment No. 5 covering state, federal and local fund adjustments.
Cabarrus County Schools' finance staff told the school board on March 3 that the district’s projected deficit had narrowed by roughly $2.1 million since the last report, driven by lower-than-expected health-care costs, lower utilities spending and savings from central-office reductions. The board approved budget amendment No. 5 by voice vote.
At the meeting, Phil Penn, the district’s finance director, told trustees the update included roughly $980,000 in expected health-care savings and about $300,000 in lower utility costs; interest income was modestly higher than projected. He…
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