SMITHFIELD-- The Johnston County Board of Education has voted unanimously to reduce spending and utilize the district's fund balance for the 2004-2005 school year to compensate for a $3.4 million shortfall. The discrepancy was created when the Board of County Commissioners voted to provide $37.1 million to the schools rather than the requested $40.2 million. At a special meeting last night - June 28 - called to discuss the budget, the Board heard an informational presentation led by Dan Jones, Assistant Superintendent for Finance, about the district's fund balance and the difference between restricted and unrestricted funds. He was accompanied by the district's auditor, as well as two finance officers from the Durham and Cumberland County schools who explained the need to retain a fund balance, or savings. The Board will now review the budget for adjustment considerations. They also unanimously voted to invite the Board of County Commissioners to attend a special joint meeting in July to hear the presentation.
