It isn’t much to brag about, but leaders of the Jackson County School System think the system may finish its fiscal year with a little more money in the bank than they first thought.
The Jackson County Board of Education heard a report last week from its staff that the system may have finished fiscal year 2013 on June 30 with around $1.4 million in general fund reserves. That’s a little more than the $1 million projected earlier.
Still, that’s a lot less than the $6.1 million in reserves the system began the year with. A combination of higher costs and a 10 percent drop in the tax digest forced the system to eat into reserves over the previous 12 months. By state benchmark standards, the system should have around $8-$9 million in general fund reserves.
The big question now facing school leaders is what will happen this fall with the tax digest for FY2014. The current budget is set based on the assumption that the tax digest will not drop again this year. However, system leaders now think the digest may drop around three percent, a situation that would reduce the system’s income by around $800,000.
For the full story, see the July 17 edition of The Commerce News.