Feb 20, 2014 9:39 AM by AP
The Lafayette Parish School Board discussed changing a policy that sets aside three months of expenses in a rainy day fund, a change that would free up about $20 million to help fill an anticipated budget deficit of about $15 million.
The Advocate reports the board will take action on the policy change at its March 5 meeting.
Billy Guidry, district chief financial officer, says the policy requires the board to set aside three months' worth of operating expenses, or roughly $60 million. The proposed policy change reduces that to two months or roughly $40 million be maintained in the reserve fund.
Guidry says the policy change was proposed to help offset a shortfall that the board will tackle when it starts planning the budget for the upcoming school year in March.