Schools sit on millions in contingency funds

While Kentucky school systems cry poor, and lawmakers raise Kentuckian's taxes, Kentucky's public schools sit on millions of unused dollars.

Kentucky schools had more than $656 million in the bank at the end of the last fiscal year, according to a report by Laura Cullen Glasscock of the Kentucky Gazette.

Fayette County had $18 million in its contingency fund, about 5.7 percent of the systems total budget. The total budget for Fayette County schools was nearly $309 million in fiscal year 2008.

State law requires school districts maintain two percent of its budget in a contingency fund for emergencies. The Office of Educational Accountability recommends a 5 percent set aside.

Unlike other state agencies, school districts can roll over money from one budget year to the next.