Port Townsend: Schools to dip into reserves to cover budget shortfall

PORT TOWNSEND — The Port Townsend School District plans to use $319,000 in reserve funds to cover an expected budget shortfall during the 2002-03 fiscal year.

District Financial Services Manager Steve McIntire said Thursday the district is projecting it will receive $11.868 million in revenues next year, but spend $12.187 million.

Tapping the reserve fund will leave the account with only $367,000 at the end of the 2002-03 fiscal year, McIntire said. The reserve account totaled $850,000 last September.

McIntire said the district would need 70 new students to move into the district and register for classes by the first day of school to avoid dipping into the reserve fund.

That’s not likely to happen given the city’s lack of living wage jobs and affordable housing, he said.


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