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District finance update: officials warn state scholarship growth and home‑education shifts could cut district revenue by roughly $4.4 million
Summary
District finance staff told the board the surge in Family Empowerment Scholarship use and increased home‑education enrollment contributed to a significant revenue shortfall in the district's early calculations; staff said they will monitor spending and return with budget adjustments ahead of next fiscal year.
School district finance staff told the board the early 2025 funding calculations show substantial fiscal impact from expanded use of the state Family Empowerment Scholarship and an increase in home‑education enrollment.
Miss Wilson, the district's finance staff member who presented the update, said the district's cash and investments were "just a little under $95,000,000" at the January snapshot and that about two‑thirds of funds were invested. She warned the board the most recent state calculation reduced the district's projected revenue: "Citrus County overall, that's private and public schools, is losing $1,600,000.0," she said, and "the Citrus County School District is losing 4.4" (meaning about $4.4 million in district revenue in the presenter's calculation after accounting for scholarship movement). She said the state provided a modest supplement of about $278,000 to help offset voucher impact but that the net effect still created a several‑million‑dollar shortfall.
The nut graf: Finance staff said the district must monitor spending the remainder of the fiscal year and build budget options for 2025–26 because changes in student FTE attributable to scholarships and home education can meaningfully reduce district revenue; staff described the rollout of the Family Empowerment Scholarship as rapid and noted ongoing statewide accounting issues between public and private providers.
Wilson told the board the district's December snapshot showed 292 additional students enrolled in home education compared with the prior snapshot and that the district has revised enrollment assumptions while awaiting further state clarifications. She said the district would continue scenario planning and monitor claims in the self‑insurance fund, food service revenue and capital project balances.
Board members asked for follow up briefings to outline where midyear spending adjustments could be made and to update the board after the next state calculation. Finance staff said they would present more detail at the administrators meeting and at the next board workshop.
Ending: The board did not take an immediate fiscal action but instructed staff to return with more detailed options; staff said they will continue monitoring legislative developments that could affect budget assumptions.
