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District finance staff: state subsidy delays creating multimillion-dollar timing pressure but reserves cover current needs
Summary
Finance staff told the board that state subsidy payments are delayed by about 70 days, creating roughly $3.6 million in overdue reimbursements and a further $1.8–2.0 million retirement reimbursement pending.
The board received an update from finance staff on state funding delays and cash‑flow implications for Cornwall‑Lebanon School District.
Business staff said the district relies on state subsidies for roughly 30% of its budget. At the time of the report, several subsidy streams were overdue by about 70 days, including special education, basic education, transportation and social security reimbursements; staff estimated those overdue subsidies at…
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