How badly were the Claremont School District’s finances mismanaged?

At one point, a bookkeeping document reported the district had a $390,000 fund balance in the bank. But when interim business administrator Matt Angell checked with the bank, the account actually had a negative balance of $2.5 million.

That was just one of the gasp-inducing details about the district’s fiscal mismanagement that surfaced during a state Senate Education Committee hearing on Tuesday. Claremont is in turmoil after revealing a $5 million budget deficit that has thrown the district into crisis — and that school officials have yet to explain.

“We were all shocked to learn that Claremont is facing a $5 million deficit stemming from gross financial mismanagement,” said committee chair Sen. Ruth Ward (R-Stoddard)

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