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Published: Wednesday, 10/20/2010

TPS officials reduce 2011-12 deficit projection to $36M

The money for re-hiring and retaining school employees comes to $7.6 million over two years. School board members will have to decide whether to spend some of it this year or save it all to battle the deficit next year.

School board members disagree on how to spend the extra money with some wanting it used to re-start bus service and to bring back sports while others want to sock the money away to be used next year for payroll expenses, as allowed by the legislation.

University of Toledo President Lloyd Jacobs was at the Wednesday meeting at TPS headquarters and said his finance department gave TPS an A grade on how it forecasts its budget out for five years. TPS school board president Bob Vasquez had asked the university to review the methodology for coming up with its five-year budget forecast.

TPS leaders are pinning hopes on passage of a 7.8 mill levy in two weeks which would alleviate fiscal pressure now facing the district.

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