Town Financial Adviser Addresses $300.000.00 Fund-Balance

At the August 15 joint-meeting between the Colonial Beach Town Council and School Board, the Colonial Beach Financial Adviser Gladys Gomez, addressed a fund-balance that had been sitting in the schools budget for several years.

These moneys were never re-appropriated by the council, nor were they formally requested to be put back into the schools budget, so essentially the $300.000.00 has been sitting idle.

The funding source for this “unspent money” has not been identified so legally the town can not re-appropriate it until it is sure that the overage came from local funding.

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