In attendance was Chief Business Officer Gary Hendricks who informed the Board members and Superintendent Suzanne Dickens of where they stand financially.
“The forecasted amount for the fiscal year ending June 30, 2011 is $1,009,883,” Hendricks said as he addressed the Board. “There has been some tough decisions made on how to reduce the debt, but they are paying off and I applaud you.”
The amount comes after a one and half year deficit showing the Board had accumulated a $2.8 million debt in 2009. It did decrease in 2010, dropping to $1.3 million, and with Hendricks’ plan in place, the debt should be completely eliminated in the school year 2014.
According to Dickens, the Debt Reduction Plan agreed upon by the Board and West Virginia Department of Education “has proven successful.”
“The original Plan of Debt Reduction projected a five year period would be needed to erase the debt. It looks as though the Board will accomplish this goal in less time than originally planned,” she said.
“If we stay on course and avoid major projects, we can continue at reducing the debt at $350,000 per year,” Hendricks said.
Hendricks added that a few factors played into the huge reduction including selling a large piece of property, and budgetary controls.
Dickens, along with Board members, were happy about the report stating, “This gives us a sense of where we are and where we can be.”
“It was exciting for us to learn that our debt which was calculated to be at 2.8 million in the fall of 2009 is now forecast to be at a little more than one million dollars as of June 30, 2011,” Dickens added. “As we enter the budgeting season for the 2011-2012 school year, the Board will be mindful of the many needs in the system while holding a tight rein on spending. New projects will be severely limited until the debt is completely eradicated.”
The Superintendent added, “We look forward to a time in the near future when this Board will have more resources for programs and capital improvements.”