School District Discovers Unassigned Funds

According to the Argus-Champion, the Newport School District has found a large unassigned fund balance that will lower the school’s tax assessment.

The remaining funds equal $468.389 and are from the Financial Report for the school year that ended in June 2018. In Newport, $433,250 is equivalent to about $1 added to the tax rate, so these new findings will be used to drop property taxes in the town by about $1.

Completing this audit of the District’s finances was Business Administrator George Caccavaro.