WINSTON-SALEM, N.C. — Winston-Salem/Forsyth County Schools Superintendent Don Martin presented his last budget to the county board of commissioners on Thursday, saying that with $1.9 million more than the county gave last year the system could balance its budget, according to the Winston-Salem Journal.
Working under a formula that sets how much the county gives, the school system has proposed a budget with a local appropriation totaling $116.3 million — including $112.1 million for current expenses and $4.2 million for capital outlay.
School officials said that an assumption underlying the budget is that the county will impose what is called a “revenue-neutral” tax rate for the 2013-14 fiscal year. Such a rate would essentially raise the same amount of tax revenue, although the rate itself would likely change because of the 2013 revaluation of property for tax purposes.
Martin’s budget statement to the board said that the school system enters the 2013-14 fiscal year “in the best financial condition ever,” with a local cash reserve of $11 million – money that should help the system ride out any bumps coming from budget deliberations at the state level in Raleigh.
School officials said it would actually take a $2.15 million allocation from the county to make the local current expense fund balance, but that since the funding formula can provide $1.9 million, the difference of about $250,000 can come from the schools’ reserves.
Read more: JournalNow.com