FREDERICKSBURG, Va. (AP) - An accounting error within the Stafford County school system resulted in a $5.6 million surplus that went unnoticed for two years.
County Treasurer Laura Rudy found the mistake and in June hired an accounting firm to examine the books.
The agency found that the school division requested $174 million from the treasurer's office for payroll during the 2006-2007 school year, but the school staff entered more than $179 million in the ledger. County officials say the money sat unused in a bank account shared by the school division and county government.
Another accounting firm is performing an audit of the school system's finances. That audit should be completed soon.
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Information from: The Free Lance-Star, http://www.fredericksburg.com/
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