Quincy School District expects "Financial Difficulty" designation
Tue, 30 Aug 2011 04:19:43 GMT —
The Quincy School District is facing yet another hurdle in it's financial woes.
The state is expected to deem the district "in financial difficulty" sometime later this fall. The district is already on the state's financial watch list. This designation is one step down for the school district.
That's prompted the Quincy School Board to talk finances Monday night during a special meeting.
Board members, as well as concerned parents and district employees sat in as the district's business manager Bud Martin explained the problems. Martin says the district's bond rating is B triple minus - the lowest it can be to still get a loan.
The new, negative designation from the state also means the district has to create a deficit reduction plan to address its problems.
School Board member Jeff Mays said, "The district's operation budget is growing at an unsustainable rate."
Mays says people in the community want the district to be accountable for the fiscal issues, and make cuts where necessary.
But School Board member and Finance Chairman Stephanie Erwin says the community has to get behind the educational process and be realistic that the cost of education is going up.
Erwin said, "Our kids can't wait on the state of Illinois to fix its problems. We have to keep our focus on our kids."
Rising costs, combined with uncertain funding from Illinois (which has its own budget problems) are all factors in the hardships.
The school board plans to have another such meeting in the next few weeks to discuss possible reductions.
You can read more on the Quincy Journal.