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Tuesday, May 13, 2008

2008 - 09 Rock Hill Schools Budget Information (Preliminary)

Estimated 08-09 Revenue Before any tax increase $125,900,000
Available from a 6 mil tax increase (max allowed)                    1,300,000
Dropping Fund Balance to minimum                             1,200,000
Total available for next years budget                   $128,400,000

Approximate District Budget                             $130,000,000

Shortfall                                                       $   1,600,000

Expected balance from 2007-08 operating year is between $1.5 and $3.0 million. The balance, if any, will not be known until late July or August.

Board Policy - Fund Balance DFAC states, "a positive fund balance will guide the board to maintain a positive balance sufficient to afford 50 - 60 days of operating reserves".  50 days is 13.7% of the budget amount and 60 days is 16.4%. Board Policy - Board-Superintendent Relationship BDD states, "The superintendent will Prepare and submit an annual budget" and policy Annual Budget DB states, "The superintendent will have overall responsibility for budget preparation".

The fund balance currently stands at about $19.2 million. The board can suspend policy and use the  balance to fully fund the 08-09 operating budget or it can hold the line to existing revenues and require the administration to reduce the budget by $4.1 million - or it can do something in between.  What are your thoughts.


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