Late payments from the state have led the Ark City school board to approve transfers from the district’s contingency fund to offset any shortfalls that might arise.
Board members Monday approved a resolution allowing the district to withdraw up to $125,000 from its contingency fund, as needed, to cover expenses during the school year. The resolution calls for the money to be replaced when funding arrives from the state.
District officials said the resolution was needed because the state ? which is facing a number of budgetary shortfalls across the board ? has recently been paying only a percentage of the money owed to school districts.
Ark City Superintendent Dr. Ron Ballard said he expects that trend to continue and that being able to transfer money from the contingency fund will help the district avoid any shortfalls.
