Revised budget forecasts another $7M in revenue

The Waterford School District Board of Education at its Thursday, Feb. 17 meeting listened to a presentation on a revised budget for the 2010-11 school year by Thomas Wiseman, assistant superintendent of business and human resources, and William Holbrook, director of finance and budget.

According to the revised budget, the general fund revenue for the 2010-11 school year would now be $109.1 million, which is up from the original amount of $102.2 million expected in the budget that was adopted in June.

Coupled with the almost $9 million in the district’s fund balance, the district would have $118 million to appropriate.

The revised budget would also raise the total amount of expenditures to $111.6 million, which is up from the originally adopted amount of $106.4 million.

The district would then dip into its fund balance to make up the difference, leaving $6.4 million in the fund balance on June 30 of this year.

The revised budget also states that the district will also have $8.8 million in total revenue and incoming transfers for the school service fund.

Expenditures from the school service fund would also total $8.8 million, going towards expenses including food service, the performing arts centers and the pool and fitness centers.

The revised budget also reflects $6.16 million in revenue and expenditures for the district’s special education center program fund, along with $13.2 million in revenue and $12.8 million in expenditures for the debt retirement fund.

The school board is scheduled to vote on the adoption of the revised budget at its next meeting on Thursday, March 3.

The board previously adopted the original 2010-11 budget last June. The current spending plan includes no teacher layoffs or pink slips, no outsourcing of services and no program cuts.