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.
The board is scheduled to meet again July 10.
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