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Lower Moreland SD narrows budget gap to $416,000 but S&P downgrades district to AA- over lower reserves
Summary
Business administrator Mister McGuinn told the Lower Moreland School District board on April 8 that budget adjustments narrowed the district's shortfall to about $416,000, while S&P downgraded the district's bond rating to AA- over lower-than-expected reserves.
Business administrator Mister McGuinn presented a monthly budget update to the Lower Moreland School District board on April 8 and said a combination of expenditure reductions and revenue adjustments had reduced the district's January shortfall from earlier estimates.
McGuinn reported that adjustments in March — including a $50,000 expenditure-side change tied to staffing, an increase of about $169,000 in projected revenues from assessment and miscellaneous lines, and an updated collection percentage for real-estate assessments — reduced the net gap so the district was "still short about $416,000." He said the…
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