The School Finance Accountability Board receive update on COVID funds

PIERRE, S.D.(WNAX)- The School Finance Accountability Board got a report of where those dollars landed this week.

Cody Stoesser, director of finance for the state Education Department, says the federal funding pushed a number of districts over their cash balance limit.

State law limits the amount of money a district can hold in their cash reserve to twenty percent of their overall budget.

Stoesser says most of the federal ESSER or Elementary School and Secondary Emergency Relief funds have been sent to school districts.

Stoesser says schools also got a per pupil distribution of Covid Relief Funds.

The board didn’t have to penalize any districts for their fund balances due to a waiver on dollars received during the Covid emergency