School board approves $4.17 million adjustment
A special meeting was called by the Clovis Municipal Schools Board of Education Thursday afternoon to prevent the 2013-14 budget from going into the negative.
Members of the school board, along with CMS Chief Financial Officer Shawna Russell, convened at the administration building to approve a budget adjustment request.
Russell said the adjustment was needed to allow for a 1 percent fee that Curry County charges to collect property taxes, as well as for the refinancing of a bond sold in May.
“We refinanced a higher interest bond to (one with) a lower interest,” Russell said. The adjustment added up to $4,.17 million. The budget adjustment was approved unanimously. After the adjustment, the CMS 2013-14 fiscal year budget is $99.8 million.
Last year’s budget was $90 million.