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Cabarrus County Schools reports stable finances despite unknown state budget, flags $2M in outstanding Medicaid reimbursements
Summary
CFO Philip Penn told the board the district’s finances are stable pending a state budget; he highlighted $2 million owed by Medicaid dating to 2023–24, $285,000 collected in fines and forfeitures year to date, and budget amendments that added federal and private grants.
CFO Philip Penn told the Cabarrus County Board of Education on Nov. 3 that the district is in a "stable financial position" even though the state budget for 2025–26 has not been finalized.
Penn said the district is monitoring volatile expense areas including services for exceptional children, legal costs and unexpected building maintenance. He reported that fines and forfeitures have generated about $285,000 over the first three months of the fiscal year — a run rate he described as roughly $95,000 per month compared with a budgeted $73,000 per month.
On Medicaid, Penn said the district is…
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