Bye Bye Cash
Lane Community College has been spending money like a drunken sailor. In the first 35 years of its existence, it managed to set aside about $10,000,000 from its revenues as a cushion. This isn't a whole lot for an operation with a general fund around $80 million and facilities extending across the county from Oakridge to Florence. But at least it kept some working capital on hand.
In the past few years, this has been heading south. At the end of the last fiscal year, the General Fund ending balance was down to about $3 million. Cash is continuing to drain away and by the end of this fiscal year on June 30, it could be under a million, which is just a few days expenses.
Why is there no outcry over this? Where are the newspapers and the TV stations? Doesn't anyone care?
In the past few years, this has been heading south. At the end of the last fiscal year, the General Fund ending balance was down to about $3 million. Cash is continuing to drain away and by the end of this fiscal year on June 30, it could be under a million, which is just a few days expenses.
Why is there no outcry over this? Where are the newspapers and the TV stations? Doesn't anyone care?
posted by Rob Spooner at 2:40 PM
1 Comments:
Rob,
What I fail to understand is why there isn't a day of reckoning following an exhaustive audit. Isn't there an annual audit?
Does the college just gradually collapse like an old barn with hardly anybody noticing? It doesn't make sense.
swa
Florence
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