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Superintendent warns of cash-flow shortfall: Amery board hears $5M refinancing loan, 25 position reductions and tables pay raises
Summary
District leadership told the board the Amery School District faces a cash-flow gap, has reduced 25 positions (about $1.2M saved), secured a $5 million state trust fund refinancing loan and will present further audit/forecasting in May; the board tabled proposed salary increases until it reviews audit and financial forecasts.
The Amery School District board on April 7 received a wide-ranging financial update from a district official (referred to at the meeting as Mr. Gold) that described multi-month reconciliation work revealing cash-flow shortfalls and resulting staff and budget actions.
Mr. Gold told the board the district reconciled revenues and expenditures from the prior fall and determined it must reduce expenditures to remain fiscally stable. "In total, the district has reduced 25 positions, representing approximately $1.2 million in savings," he said during his remarks. He said the district expects an additional $500,000 to $750,000…
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