With the information as of late Friday, it looks like the budget compromise in Olympia will result in a projected deficit of about $3,600,000. This is an increase over what was estimated and includes restoring the fund balance, a contingency for setting the budget later this spring, and a small revenue increase from the enrollment projection.
Over the next few days we will learn more as OSPI analyzes the budget and posts information. Though we were hoping for better, we are thankful that we have the information so that we can move forward.
What does all of this mean? Well, last week the board identified adjustments that totaled $3,350,000 from a list that totaled $3,600,000. This difference of about $250,000 must first be made up before they would consider adjusting the original cut line. They have multiple options for making up this deficit such as moving the cut line to include other adjustments or decreasing the amount of fund balance currently included in the planning to make up for what was used to balance the current year’s budget.
All of this will happen this week as the board prepares for a final decision on adjustments on May 5th. It will be another interesting week starting on Tuesday with a review of the community feedback from last week’s three meetings.
1 comment:
Since the board was prepared to make up the difference with the fund balance if the budget cuts were to go up to $3,800,000 I am hoping that they will still use the fund balance to close the $250,000 gap between what was planned for and the actual defecit. Now that we know the state budget, I hope the school board will also spend part of the fund balance to retain some teachers. I really don't believe moving the cut line down to make up the additinoal money is the best decision.
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