Director of Finances Alan Melson stated the board needed a fund balance of between $3 million and $4 million to avoid going into debt. The budget currently has a fund balance of $1.3 million assuming the board made no more cuts or approved an increase in the tax rate, Melson said.
The fund balance is excess revenue used as a savings account.
Board member Tara O’Neal asked what it would take to get the fund balance up to $3 million.
“You would have to raise the tax rate by 3 mils and eliminate 20 positions, that’s just not feasible,” Melson said
No decisions or cuts were made during the meeting, but four potential options are still being explored.
These include:
The board is scheduled to meet again July 10.
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