The Barrow County Board of Education is slated to give tentative approval next week to a proposed $132.5 million FY2012 budget. The proposed budget does not call for a tax hike with the millage rate staying at the current 18.5 mills.
But the proposed budget does call for a lot of red ink in FY2012 with the system’s main fund, the General Fund, dipping over $5.1 million into reserves. That will leave the system’s reserves critically low at only $5.5 million at the end of next year, less than one month’s expenses.
The school system’s General Fund looks to spend $90.6 million next year, but officials only expect to take in $85.5 million in revenues. That’s because of a lower tax digest and other revenue cuts in state and federal funds.
The system has approved a number of spending cuts, including having six furlough days in FY2012.
The BOE plans to give final approval to its budget at 6 p.m. June 28.