Stowsentry.com - Board OKs budget for 2008 fiscal year

by Tess Wolfe

Reporter

Stow -- Stow-Munroe Falls school officials expect the projected $72.5 million budget for fiscal year 2008 to keep the district in the black this year.

The School Board unanimously voted Sept. 22 to approve final permanent appropriations resolution for fiscal year 2008. The fiscal year ends June 30, 2009.

Of the nearly $72.5 million total projected budget for all funds, more than $60.4 million is appropriated for general funds.

The 2007 fiscal year final appropriations all-funds budget had been projected at more than $65.2 million, with the general fund projected at $57.3 million.

In 2007, 55 percent of the general fund went to salaries and wages, 19 percent to employee benefits, 9 percent to contracted services, 4 percent to supplies and materials, 3 percent to capital outlay, 1 percent to capital replacement and 9 percent to other costs.

Appropriations for 2008 include nearly $1.3 million for food service, $2.3 million for Title VI-B special education and $450,978 for bond retirement.

The amounts listed are projected amounts certified by the county auditor that will be available to spend, Treasurer Catherine Bulgrin said.

"Our resources coming in are flatlined. Until we have additional funds coming in through the passage of a levy, we can't receive any [more] money than we already have," said Bulgrin.

According to the five-year forecast presented by Bulgrin to the School Board in May, a $1.3 million deficit is projected for the school district by 2010, which Bulgrin said may lead the state to take over schools in the district.

Bulgrin said she is currently is working on updating the five-year forecast, which is required by the state twice a year. The first one for the new fiscal year is due this month.

Bulgrin said cuts the School Board made will change the deficit projected in the previous five-year forecast, but said it would be premature to comment further.

E-mail: twolfe@recordpub.com

Phone: 330-686-3916