By FITSNews || As the longest, deepest economic recession in eight decades continues to drive unemployment up and income levels down in South Carolina, the state’s worst-in-the-nation public school system is still holding onto hundreds of millions of dollars in reserve funds.
This despite record funding increases.
According to data obtained by FITS, South Carolina’s eighty-five school districts currently have $713.7 million in their reserve accounts.
That’s $75 million less than they had a year ago – a 9.5% decline – but still $200 million more than districts had in reserve just five years ago.
Only two districts – Kershaw County and Florence County School District 4 – were running negative fund balances. The other eighty-three districts were in the black.
Obviously, these reserve accounts do not included the $8.4 billion budgeted for public education this year – a record amount.
Horry County, for example, has a $55 million reserve balance, while Greenville County ($48 million), Richland One ($37 million), Florence One ($33 million) and Beaufort County ($32 million) also boast sizable reserve accounts.
Check out the numbers for yourself by clicking on the link below …
SC School District Reserve Fund Balances