Last year, the Halifax County Schools “overspent” state and federal funds to the tune of $850,000. In addition to spending $25,000 to hire an interim finance officer to fix the mess, the state provided funds to cover the deficit.
The school system has requested a waiver of $205,262.70 in penalties “incurred on outstanding over-spent programs and salary audit exceptions.” The NC Department of Public Instruction (DPI) recommends that the State Board of Education grant the waiver. In lieu of penalty payments, DPI has worked out a payment schedule for the district. The state will assess an interest rate of one percent per month for 60 months.
Because of the ineptitude of the school system, the taxpayers of Halifax County are on the hook for $852,256.57 and $285,222.03 in interest. That is 60 payments of 18,957.98 for a total repayment amount of $1,137,478.60.
