Fox Point-Bayside projects half-million dollar deficit
District officials looking for alternative revenue sources
Fox Point - The Fox Point-Bayside School District is looking at a budget deficit in the coming 2012-2013 school year in the range of $125,000 to $552,000.
The School Board fielded a presentation of budget projections Monday night that outlined a decrease to the district's revenue limit and substantial costs to address facilities issues.
"We're trying to work all of this into our budget restraints," said Director of Business Services Amy Kohl.
Revenue, fund balance losses
The district is currently operating under a revenue limit reduced by $741.50 per student — about $554,000 total — from the 2010-11 school year, and district administrators budgeted a $94,000 reduction in the fund balance for 2011-12 to help make that up.
The district will have to tighten its belt to offset budget constraints, District Administrator Rachel Boechler said.
"We're having to fill that gap with cost cutting measures," Boechler said.
The budget also included a projected zero percent increase to salaries and changes in health insurance to keep that cost from rising as well.
Costs to the district
District officials are working to find out the exact cost of construction projects, estimated to be somewhere near $425,000, which will address mold and water issues at Bayside Middle School and Stormonth Elementary.
According to Kohl, the district will look for other ways to pay for the projects.
"We're going to try to find alternate sources of funding for all of it," Kohl said.
Should they hit that goal, the budget shortfall and decrease in the district's fund balance will be nearer to $125,000.
Kohl is also working with a consultant on the district's post employment benefit plan.
"We're really in the initial stages," Kohl said, "still looking at options to cost out the benefit."
The School Board would be able to modify the post employment plan after employees' contacts expire at the end of June.
"We're trying to get that resolved by July," Kohl said.
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