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Litchfield board hears budget forecast showing $3.9M–$4.5M M&O gap; CFO proposes $500,000 Medicaid shift
Summary
CFO Michael Vaughn told the Litchfield Elementary School District board on Nov. 18 that recurring M&O revenues are likely to be $3.9 million to $4.5 million short of forecasted expenses; he recommended short-term use of one-time revenue and shifting about $500,000 to Medicaid to protect reserves while the district pursues cost controls.
Michael Vaughn, the district's chief financial officer, told the Litchfield Elementary School District Governing Board on Nov. 18 that updated forecasts show a structural shortfall in recurring maintenance and operations (M&O) revenues. Vaughn said the district is likely to overspend recurring M&O resources by roughly $3.9 million under an "aggressive" estimate and by $4.5 million under a more conservative scenario.
Vaughn said the district used the Governmental Finance Officers Association risk-based model and incorporated it into board policy 3-101.01. "Based on the GFOA risk based model and the district's characteristics, it is their recommendation and our governing board policy that our reserves should fall…
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