Fayette BoE to exhaust its reserves to balance budget
Same 3-to-2 vote as before
The Fayette County Board of Education Tuesday night adopted the 2012-2013 budget that totals $177.34 million by using the nearly all of the $15 million fund balance from the current year that ends June 30.
As with the preliminary approval June 4, the budget was adopted on a 3-2 vote, with board members Marion Key and Bob Todd opposed.
Revenues are expected to total $163.14 million, with $78.9 million coming from local ad valorem taxes, $81.39 million from the state and approximately $2.8 million from other revenue sources.
Expenditures. on the other hand, total $177.34 million. That represents $14.2 million in expenses over revenues for the 2012-2013 school year that begins in July.
With a projected fund balance of $803,000 as of June 30, 2013 that leaves the school board with less than $1 million to offset the shortfall likely amounting to millions of dollars this time next year. Superintendent Jeff Bearden has noted on past occasions that it will likely take reducing staff to make up the difference.
Unlike the June 4 meeting where the discussions were plentiful and resulted in a 3-2 vote, the motion to adopt Monday night came with no discussion prior to that 3-2 vote.