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Rep. Bigelow says timing of funds averts uniform school fund deficit for FY2003
Summary
Representative Bigelow told the House that a $35,000,000 balance earmarked for FY2004 and recent federal receipts mean the Uniform School Fund will not show a deficit for fiscal year 2003; he outlined how $38,000,000 in federal funds would leave $18,000,000 after covering deficits and that $9,000,000 will flow to the rainy day fund.
Representative Bigelow told members the previously projected deficit in the Uniform School Fund for fiscal year 2003 will not materialize because of timing: a $35,000,000 balance already set aside in the budget for fiscal year 2004 remains in the bank at the end of fiscal year 2003 and offsets the shortfall.
"Therefore,…
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