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LRSD finance director warns operating fund shrinking; board hears shortfall and one-time costs
Summary
Chief finance presenter Mr. Bailey told the board the operating fund is shrinking and reported a near-term tax revenue shortfall and several one-time or timing-related expenses, including a $1.7 million security billing catch-up and reimbursements timing for federal grants.
The Little Rock School District’s finance briefing on March 19 flagged near-term pressure on the operating fund and several timing-related or one-off costs that staff said will compress fund balances before spring tax receipts arrive.
Finance presenter Mr. Bailey told the board the district budgeted just over $111 million in property tax revenue for the first period and had collected roughly $111 million as of the end of February, a collection rate he described as about 98 percent and “a…
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