TIMMONSVILLE, SC (WBTW) – In early January, Florence School District Four officials discovered the district’s budget was unbalanced and no one was sure on how much cash district officials actually had to spend throughout the school year.
On Tuesday, the Florence School District Four school board met to discuss its 2017 audit. In November, the district audit accountant said the district was behind on transactions and some departments did not have a budget at all.
Since then, the district financial advisor resigned, and now the district is trying to determine how much money is available and finalize a realistic budget for the future.
During Tuesday’s meeting, school leaders learned in 2017 the district had a $5.3 million budget and just $75,000 in the general fund.
CPA Larry Finney says that is lower than the state recommendation, but it is fixable.
“Once the financial information is caught up, so it’s current, complete and accurate, then you know where you actually stand,” Finney says, “Then at that point, you can start making decisions, asking ourselves the question, ‘Okay, what do we do moving forward?'”
District officials have not set a date for when the 2018 budget will be finalized.
