Mercer County Schools are looking at a squeeze in the coming year. They have been told by state officials to prepare for possible cuts in state funding while having to increase the school’s contribution into the pension fund for certified employees.
According to Finance Officer Amber Minor, the state is looking to cut flexible funds for text books and professional development by $54,000. The district will also have to make a bigger contribution into County Employees Retirement System (CERS), which covers certified employees, but not teachers. Minor said the district’s contribution is being increased from 19.18 percent to 28.96 percent, which will cost the district $350,000.
“Thankfully we have a healthy cash balance,” Minor told the school board last week.
The district’s cash balance was $4.8 million in August. Total revenue was down 45-percent, Minor said, largely because of declines in utility taxes. Total expenditures were down two-percent, which Minor attributes to lower building expenses from closing the former Harrodsburg High School building.
To learn more, check out this week’s issue of The Harrodsburg Herald.