School district finishes year in black and red
Posted on Wednesday, July 16, 2008
GENTRY ó The school district finished its fiscal year in the black and in the red, depending on who is looking at the books.
Dr. Randy Barrett, superintendent of Gentry Schools, told school board members the district finished the year (on June 30 ) with an ending balance of $ 1, 309, 980. 34. After the districtís $ 1. 25 million loan is deducted from the balance, the district finished out the year with a balance of $ 59, 980. 34.
In an e-mail message sent to school board members Friday, Barrett said, ì The way Legislative Audit looks at us, we will end up with (Funds 1000-6000 ) an ending balance of $ 1, 309, 980. 34. The way we would normally look at it, taking out the cash-flow loan, we will end the year with $ 59, 980. 34. î
The Arkansas Department of Education, Fiscal Distress Division, sees it differently. They deduct federal funding and certain other fund categories, leaving the district with an ending balance in the red ó a minus $ 17, 855. 19.
ì Bottom line ó we will end in the legal black and, in the fiscal distress calculated manner, in the red, î Barrett said.
ì Our goal, î Barrett said, ìis to finish in the black the way everyone sees it. î He said the districtís fiscal distress plan should, hopefully, make it possible to do that next year.
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