Sunday, November 23, 2008

Outlook Uncertain Auditor warns Russell Co Board.

This from the Times-Journal:

School board hears auditor’s report

Inadequate Funds Decline Further
Though there were none in the audience save school workers to hear it, the board received the Independent auditor’s report and recommendations, with predictions many would find unpleasant.

“State funding for these programs does not meet our needs as a district,” The report states. “Therefore local generated funds will have to address these areas. Also the uncertainty of state budgeted revenue projections may impact our funding…”

The report also noted that past growth in the budget’s local tax proceeds has been based on increased property values that were due in part to additional building...

...The governor had advised Kentucky agencies and departments to scale back by at least 12 percent and there are rumors of further cutbacks in state funding for all budgets.

No solutions were discussed at the meeting, though the report noted that the district is essentially limited to a 4 percent increase yearly in local tax revenue.

In previous years that increase has come from rising property values...

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