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Florence-Darlington Technical College has balanced budget, building cash reserve

Florence-Darlington Technical College's board of commissioners approved a $39 million budget at their meeting Tuesday.

Florence-Darlington Technical College's board of commissioners approved a $39 million budget at their meeting Tuesday.

The preliminary 2018-19 budget is about $2.3 million less than last year.

"We reduced it quite significantly from last year. It’s based on real enrollment projections and things that’ll make it easier for us to live within that budget," President Edward Bethea said.

It includes a $1.5 million contingency that Bethea asked to have more cash on hand.

"We’re not planning on spending that money, it’s just a contingency fund to in case of anything unexpected," Bethea said.

The school has to repay the U.S. Department of Education $1.6 million due to noncompliance with Title IV reporting standards.

We're told that’s worked into the budget and they’ll pay it off in three years.

"It’s gonna be a little over $500,000 a year, but we’ve taken that full $1.6 million expense in this budget year," Bethea said.

The school is on a hiring freeze.

"To kind of help with the budget and to not over-spend. Now as the year goes on we may start hiring people," Bethea said.

Bethea said he is excited for the future.

"I’m really happy that we have a balanced budget that allows us to do the things we need to do. Puts us on a sound financial footing," Bethea said.

The bulk of the budget is a little over $13 million for instructors pay.

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