CFO of Charleston County School District resigns after $18 million shortfall

CFO of Charleston County School District resigns after $18 million shortfall

CHARLESTON, SC (WCSC) - The Chief Financial Officer of the Charleston County School District resigned Monday morning in the wake of an $18 million dollar shortfall in the district's budget.

According to school district officials, Michael Bobby will get a severance package and an interim CFO will be announced soon.

Officials say the $18 million shortfall is the result of more than $8.7 million that was overspent in the 2014-15 budget, and the overestimation of property tax revenue by $9.3 million.

"It is important to point out that, to our knowledge, no school district funds are missing," said board chairman Cindy Bohn Coats Monday. "The problem we face is that the district has seriously dipped into its savings account for recurring expenses. This practice cannot continue."

Officials voted to hire a firm to conduct a forensic audit of the school district's finances. An internal review of finances is also underway and a report will be released to the public when it is completed

The Chairman of the Charleston County School Board says it's too soon to tell if any jobs will be lost as a result of the shortfall.

"It's time to look at where we are with our financial situation and go from there," Coates said.

According to a news release from the school district, Bobby has served CCSD since 2007, and he has led several departments within the District to include finance, capital programs, facilities and maintenance, procurement, operations, IT, human resources, and transportation. Bobby was the Interim Superintendent of the Charleston County School District until Gerrita Postlewait was hired.

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