The Bryan County Board of Education unanimously approved Monday to hold the current millage rate for its 2012 budget and also discussed possible uses for some excess fund balance.
During a called meeting at the Board of Education office in Pembroke, the board OK’d the current rate of 15.537 mills for 2012 and also discussed the new budget, which was approved in June and stands at about $48.7 million, according to Melanie James, finance director for the school system.
James told the board that officials expected the year-end general fund balance to be around $9.8 million, though the optimum balance, she said, should be around $7.3 million.
“The fund balance, according to state law, should be no more than 15 percent of your next year’s budget,” James said.
She added that reducing the balance to $7.3 million would leave the board about $2.3 million to use for other things.
Read more in the Aug. 31 edition of the News.