Columbus City Schools Anticipates a Growing Gap Between Expenses, Revenue
Source: https://www.10tv.com/
The Columbus City Schools face financial challenges in the coming years, as indicated by the five-year forecast presented at a recent Board of Education meeting. The forecast predicts revenues and expenses until fiscal year 2028, based on existing trends and projections. Adjustments will be made over time to accommodate changes in tax revenue, student enrollment, and state funding.
Key Highlight:
– Beginning in FY 2025, the district is expected to spend more than it takes in by $8.1 million. That spending gap will grow to a predicted $117.1 million by FY 2028. With spending outpacing income, the district’s cash balance takes a hit.
– The district finishing FY 2024 predicts it will have $352.9 million on hand. That equates to 147 days of cash on hand. The projections for this by FY 2028 are that the district will finish with just $36.7 million on hand — or enough for 13 days. The district aims to have at least 60 days of cash on hand.
– Jacqueline Bryant, interim executive director of Communications for Columbus City Schools, said the district is not in a deficit and has a positive cash balance.
– Nana Watson, president of the Columbus Branch NAACP, has been outspoken against the district’s spending. She and the local NAACP were firmly opposed to the November levy. Izette Thomas, of the Columbus Education Justice Coalition, said it’s time to get the community involved in how to make the district operate in the interest of students, parents and educators.
– No one was available from Columbus City Schools to provide an in-depth explanation of the five-year plan before the Tuesday evening board meeting. The district’s interim treasurer/CFO will present the plan to the board and provide insight into the predictions.
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