A $900,000 cut in state funding and increased costs for health insurance last school year used up all reserve funds and carved a $115,000 deficit for the Commerce Board of Education.
Finance director Ann Stokey told the board Monday night that a plan is under way to eliminate the deficit.
A major part of the plan is the 1.25-mill increase in property taxes, which will bring in substantially more revenue than the shortfall. But Stokey said the system also expects a substantial check from the state at the mid-term adjustment for Early Intervention Program personnel, due to a reworked formula that increases revenue. It has also cut seven 49-percent employees.
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