No deficit is predicted for Perrysburg City Schools for the next fiscal year, but unless voters approve a levy, the district will have an ending cash balance of less than $10,000 in 2003, school officials said.
Based on a five-year spending plan for 2002-2006 presented to the school board by Treasurer Fredric Barba, total projected revenue for 2003 is $28,701,000. Projected expenditures total $29,790,000. With a carryover of about $1 million, that leaves an ending cash balance of $6,970.
Following the meeting, during which the board unanimously approved the budget, Mr. Barba said that to avoid a deficit in 2003 “all the revenue estimates have to hold.”
He noted that the 2003 budget reflects money-saving cuts made by the board. Expenses projected for 2003 are $2.6 million below 2002.
Cutbacks in transportation will go into effect Nov. 11 unless voters approve the two-year 5.9-mill emergency levy.
Without passage of a levy, the school district is facing a projected deficit of $1.4 million in 2004; $3.4 million in 2005, and $5.8 million in 2006, based on the five-year spending plan, officials reported.