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Accounting and Auditing
Harford schools continue deficit spending, latest audit discloses
Harford schools continue deficit spending, latest audit discloses

Harford County's public school system continues to operate with a recurring deficit, prompting yet another warning from its chief financial officer that the situation can't continue. HCPS operating expenditures once again exceeded revenues, according to the system's latest comprehensive annual financial report released this week. The recurrence of such an operating shortfall, typically known as a structural deficit, in 2013-14 school year resulted because although HCPS spent less on operations than it did the prior year, incoming revenue was still not sufficient to cover the year's expenses. To offset the shortfall, HCPS dipped into a fund balance, or reserve, built...

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