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District projects $5.1M shortfall; board weighs millage options, bond borrowing and renovation timing
Summary
Finance staff presented a final budget showing a multimillion-dollar shortfall and several scenarios for millage increases and building renovations. Administrators warned that using reserves could lower fund balance below policy targets and that extensive borrowing would be required for large-scale renovations.
Whitehall-Coplay School District finance staff told the board on May 12 that the district faces a budget gap and must choose among tax-rate options, use of fund balance and timing for capital renovations.
At the meeting district finance staff reported a projected shortfall of $5,116,000 in the final budget and outlined several millage scenarios and their potential effects on the district's reserves. Staff said the district's current fund balance stood at about $10 million and that using a full 5.3% millage increase under the proposed budget would reduce reserves and require drawing from fund balance; the district's financial advisor and a Standard & Poor's rating call warned that continued declines in reserves could risk a bond-rating downgrade.
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