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District CFO warns against dipping below reserves as furloughs buy down $12M of gap
Summary
Chief Financial Officer Michelle Morrison told the Portland Public Schools board that midyear controls plus roughly $12 million in furlough contributions have closed a $22.5 million gap, but cautioned that the district must maintain a 5% fund balance to protect credit rating and capacity to respond to state-level funding shifts.
Portland Public Schools staff told the board on March 31 that the district has closed a roughly $22.5 million midyear budget gap through a combination of midyear discretionary spending controls, transfers and the furlough agreements negotiated with labor partners.
"We have been charged with maintaining that 5% fund balance target," Chief Financial Officer Michelle Morrison said. "I wouldn't recommend going below that." Morrison said the district has already used about $23 million in a one-time transfer…
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