Loudoun uses education reserves to help fill shortfall; Move irks School Board, which had been saving money for lean years
Loudoun County budget officers dipped into public school reserves to help fill a $28 million revenue shortfall this week, surprising the School Board, which was saving money for the lean years expected ahead.</br></br>The county's chief financial officer, Mark D. Adams, said the transfer amounted to a "rebalancing of accounts" after an audit of the fiscal year that ended June 30, which showed that some funds were low and others high. Adams said the accounting change would not affect services or operations for the county or the schools this year.</br></br>Unfortunately for the school system, most of the low funds were on the county side. The county had expected to end the year with a balance of $39 million, but depressed real estate revenue led to a balance of $11 million. The school system was in better shape and ended the year with a surplus of $36 million.</br></br>The School Board had hoped to save the surplus for next year. Early estimates put the schools' shortfall for next fiscal year at $70 million.</br></br>The county decision prompted the School Board to schedule a special meeting Monday to talk to its attorneys and grapple with the effect of the funding transfer. Vice Chairman J. Warren Geurin (Sterling) said the board is "not pleased" with the changes when "Loudoun County's checkbook does not balance."