The Craven County Board of Education has voted to pull $2.6 million from its rainy-day fund to cover temporary cash shortages caused by delayed federal funding.
Chief Finance Officer Heidi Daly told board members late last week that the school system is still waiting for federal funding allotments to drop. To bridge the gap and keep operations running smoothly, the board unanimously approved using the fund balance.
Officials said the drawdown is a temporary fix to maintain cash flow while waiting on Washington.
This $2.6 million allocation is part of the district's larger $30 million local current-expense budget resolution. School administrators expect the reserves to be balanced once the delayed federal dollars finally arrive.
