to: Collaborative Solutions, Re-2 Staff, & public
from: Christine hamrick, Finance Director
subject: Financial update and 2010-11 budget process
date: 1/20/10
cc: dave Smucker; Susan birdsey
| Do you have thoughts on how Garfield Re-2 can reduce the budget? Share your thoughts by completing this form. Your feedback will be provided to Christy Hamrick, the Garfield Re-2 Director of Finance. |
We recently received updated state projection information for 2009-10 and 2010-11 public education funding. As the news has depicted, Colorado has been continually reducing its education funding estimates. This decline in funding will impact public education over the next few years, which means fewer and fewer dollars for K-12 education.
Colorado is expecting to reduce per pupil funding for the current school year (2009-2010) by 2.31%. Fortunately, Garfield Re-2 has planned for this shortfall, so we do not need to make adjustments to Re-2’s budget at this time.
For next year, 2010-11, the state is estimating an additional reduction to public education funding of 6% or more. If the revenue estimates continue to worsen, then the amount of money for public education in general, and Garfield Re-2, will be even less.
Based upon current information, Re-2 is budgeting a best-case and worse-case scenario budget. The best case scenario will require us to reduce 10%, which includes the anticipated reduction from the state, a reduction in students enrolled in the district, and an additional 1% state-mandated increase in Public Employees Retirement Account (PERA). The worst-case scenario will require us to reduce 14%, which is comprised of a larger budget cut from the state, further reductions in student enrollment, and the 1% state-mandated increase in PERA. The bottom line is that to balance the budget for 2010-11, Garfield Re-2 will need to reduce between $3.5 million and $4.5 million.
The Superintendent, Assistant Superintendent, and Finance Director are considering all budget reduction requests submitted by Collaborative Solutions, staff, and other constituents. We will continue to update the Board and the staff throughout the year.
