Issue link: https://newsleader.uberflip.com/i/122777
Sarasota News Leader April 19, 2013 According to state law, the school district has to maintain a reserve, or rainy day fund, equal to at least 3 percent of its budget. However, district policy calls for that reserve not to drop below 7.5 percent. Though that fund is approximately at the 8 percent level now, at this time two years ago, it was close to 15 percent, Weidner said. The estimated reserve balance projected as of June 30 would represent 10.5 percent of appropriations, according to the financial report provided to the School Board for its April 16 meeting. The figure is based on operations through Feb. 28. The School Board is awaiting the final state budget from the Legislature, at which time it will know exactly how much Page 37 state revenue to expect for the next school year. Weidner pointed out that the current difference in education funding between the House and the Senate budgets is only about 4 percent. "We're looking at a $9 million hole," said School Board member Frank Kovach. Board member Caroline Zucker referred to the situation as "a budget crisis." Additionally, the increased cost of health insurance for employees has risen over time, and it appears the 2013-14 fiscal year will see no exception, Weidner said, adding he anticipates the cost to continue to go up over the next few years. A chart from the adopted School Board budget for the current fiscal year shows the changes in appropriations. Image courtesy Sarasota County Schools. Mitsi Corcoran, the district's chief financial off i c e r, t o l d The Sarasota News Leader that the bud-