Budget shortfall causes county to slash construction projects

Posted by IronPlanet on Mar 1, 2012 1:08:00 AM

Atlanta's DeKalb County is facing a major problem as the school board has found a $41 million budget shortfall in the sales tax-funded construction account. Superintendent Cheryl Atkinson is now considering cutting 35 different building projects to make up the deficit, reports The Atlanta Journal Constitution.

Atkinson and DeKalb County officials thought that they had more money than they actually do. The county apparently borrowed $61 million against anticipated proceeds in order to fund several construction projects, but Atkinson could find no money set aside to pay those funds back. Some estimations that the school board was using to budget also did not take into account interest and financing costs.

"Something messed up, something happened," Atkinson told those assembled at an emergency meeting of the school board.

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Topics: Construction, Industry Headlines