Schools Warned To Expect More Cuts
Special to the Chronicle
Stat Department of Education officials are warning cash-strapped schools to brace for another funding cut before the end of June.
The reductions are expected to be between $13 million and $17 million. They would come from the Common Education Technology Revolving Fund, one of six revenue sources that support the State Aid Funding Formula.
The fund is not meeting the estimated collections, officials said. Through April, it has only received $26.5 million--or 55.9 percent--of a $47.3 million appropriation based on tax revenue from oil.
The Edmond Public School District could lose between $422,809 and $549,652 if projections hold up.
“While this cut is severe, it’s not for us like it is for some other schools,” Supt. Bret Towne said Thursday. “It will cut into our fund balance.”
School district superintendents were notified by letter Wednesday of possible further reductions.
“A shortfall in this funding source could result in another adjustment to your allocations before the end of this fiscal year,” the letter states. “We want to bring this to your attention as you are making budget decisions to finish this school year and are planning for the next.”
The estimated shortfalls are based on collections received to date and projected revenue from the
To Read More...subscribe to the blackchronicle newspaper