CEDAR RAPIDS, IOWA (AP) -- Officials of Cedar Rapids' public schools say the district will rely on its cash reserves to make up for lost state aid.
Superintendent Dave Benson says the district was dealt a serious blow by state spending cuts. He says the district will lose $8.4 million in state funding, based on the 10 percent statewide budget cut announced last week by Gov. Chet Culver.
Benson says the district will also lose another $1.6 million in property-tax revenue due to the abatement of taxes for flood victims.
During a board meeting late Monday, Benson said the district was set to have $15 million in reserves at the end of the fiscal year. He said despite the state of the district's operating budget, it will continue to replace facilities damaged by the June 2008 flood.
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