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Duval board review: late state payments lift fund balance to about $213 million, CFO says
Summary
At a committee review the district’s chief financial officer told the board a late state payment and another receivable together will be recorded as prior‑year revenue, improving the district’s beginning fund balance to roughly $213 million and easing a projected shortfall. Board members pressed for clarity on reserves and long‑term sustainability.
Chief Financial Officer David Fagan told the Duval County School Board’s committee that the district will record two prior‑year payments — about $1.0 million and $2.3 million — that were received after year‑end and therefore will increase the opening fund balance for the current year.
"Your current number for your ending fund balance is approximately $213,000,000," Fagan said, calling that roughly a $40 million increase from the prior year. He cautioned that some of the increase represents one‑time…
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