Post by Oscar Knight on Jun 1, 2010 2:06:10 GMT -6
All of the system's reserves will be exhausted when June 2011 rolls around and the system will be at least $2.4 million in debt, administrators told the county school board on Monday night. That deficit figure is based on a 97-percent tax collection rate, said Ramona Thurman, director of budgets and grants. A lower rate could result in a deficit several times higher.
Superintendent Edmond Heatley said the system must use up its reserve funds because revenues have declined so much. Beside cuts in state funding, Clayton lost local revenue after property tax collections plummeted and foreclosures spiked. The property tax millage rate is maxed out at 20.
Superintendent Edmond Heatley said the system must use up its reserve funds because revenues have declined so much. Beside cuts in state funding, Clayton lost local revenue after property tax collections plummeted and foreclosures spiked. The property tax millage rate is maxed out at 20.