The Newport City Council has passed a financing plan that brings the 2017-18 year school budget into balance and eliminates a lingering deficit.
City Manager Joseph Nicholson told councilors that the Newport School Department had a deficit of $1,727,394 in its operating and capital fund budgets for fiscal 2018. The Newport Daily News reports the department also had a positive balance that helped pay down part of the deficit, and the city's municipal budget had a year-end surplus of approximately $900,000.
The council voted unanimously Wednesday night to transfer $450,000 from the surplus to clear the school department's deficit. The department will need to repay the balance in coming years.
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School Superintendent Colleen Burns Jermain says the department has outlined a series of cost-oversight measures for future reference.