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Budget forecast: Bedford schools report small revenue shortfall, major long‑term funding risk tied to LCI change
Summary
Finance staff told the Jan. 8 school board that revenues are roughly $342,000 below projection and recommended three supplemental appropriations; staff warned of a projected $10.3M funding shift tied to local composite index changes in 2028–29 and outlined plans to set aside $8.7M to soften the impact.
Bedford County Public Schools staff presented a second‑quarter financial forecast at the Jan. 8 meeting that showed a modest shortfall in projected revenue but a larger long‑term fiscal risk tied to changes in the local composite index (LCI) that affect state funding calculations.
Finance staff said overall revenues were projected about $342,000 below earlier projections and summarized three supplemental appropriations that will be brought back for board action next month: a $164,000 state security grant, roughly $11,003.57 for teacher licensure, and a reappropriation of approximately…
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