Wednesday, April 17, 2013
Today's work session will include an update on ways to close a deficit of nearly $86.4 million.
Some Cobb Board of Education members aren't happy with proposed cuts to the projected fiscal year 2014 budget deficit of $86.4 million, and they've asked for other recommendations as they continue their deliberations. The budget update is on the agenda of today's school board work session, which begins at 8:30 a.m. in the board room at the Cobb County School District central office, 514 Glover Street, Marietta. The meeting also will be streamed live on the CCSD website. At an April 3 meeting, board members David Banks and Kathleen Angelucci were especially vocal about some of the proposed cuts that they believe would affect the quality of classroom instruction. They also were at odds with Superintendent Michael Hinojosa and Chief Financial…
Thursday, January 17, 2013
The Board of Education heard early forecasts for projected fiscal year 2014 numbers Wednesday.
The early budget forecast for the Cobb County School District for fiscal year 2014 was as gloomy as the weather Wednesday during a Cobb County Board of Education work session. Cobb schools chief financial officer Brad Johnson told board members that his preliminary indications are for a $79.5 million deficit for the fiscal year that begins on July 1. While the figure is preliminary -- state funding from the Georgia legislature and the 2013 Cobb tax digest are yet to be determined -- the long-term projections are even more grim, reaching an estimated $105 million deficit for fiscal year 2017. After struggling to close a $62.4 million gap for the current fiscal year last May, the school board faces a more daunting challenge, and not just in …
Friday, October 14, 2011
Chief Financial Officer Mike Addison also predicts budget shortfalls for the following three years.
Developing four years of budget projections in October is “cruel and unusual punishment of your CFO,” Cobb County School District Chief Financial Officer Mike Addison joked at Wednesday’s Board of Education work session. Despite lacking state and local revenue information, Addison offered an initial prediction for fiscal 2013 of a $72.2 million shortfall in an $890 million budget. That prediction includes the transfer of $20.4 million from the SPLOST II contingency fund. Addison said a $34 million reduction in reserve revenues from fiscal 2011, which ended June 30, caused the largest hole in the budget forecast. He also predicted a $4.4 million decrease in local revenues from fiscal 2012 to fiscal 2013 and an approximately $40 …
