Rankin County Schools get $1M windfall - MSNewsNow.com - Jackson, MS

Rankin County Schools get $1M windfall

The Mississippi Secretary of State's office presented a check for more than $1 million to the Rankin County School District Thursday morning. The unexpected windfall is the result
of an accounting error by gas company Denbury. Companies that lease the 16th Section land upon which schools sit must pay royalties to the state. An audit by the Secretary of State's office revealed Denbury had been incorrectly deducting transportation costs on the Rankin school land. Secretary of State Delbert Hosemann says it was simply a mistake, and Denbury has been cooperative.

"It's a big find for us. In addition to that, Rankin County Schools will receive about $150-$175 a year more in recurring revenue on a go-forth basis," he says.

"That money has to be put in reserve. And the interest from that money can be used. Our district has $12 million in reserves, those reserves continue to grow," says Rankin County Schools Superintendent Dr. Lynn Weathersby.

The interest on the money can be used in the schools, however. This type of cash often goes toward capital improvements. In the past few years, interest money has gone into the District's regular operations budget. 

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