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EAGLE COUNTY, Colorado — The school district will be dipping into its reserves this year to pump more money into school programs and new staff positions.
But the county’s public schools will still have a large and healthy savings account, said Phil Onofrio, chief financial officer for the school district.
The 2008-2009 budget, approved this week by the school board, shows that the district has a little more than $16 million in reserves, and plans on spending half a million to a million dollars of that in the coming school year.
The school district will pay for a new coordinator for the gifted and talented education program, new positions in the technology and maintenance departments, two parent liaisons to help schools communicate with Spanish-speaking parents, and a districtwide social worker.
The district will also hire a grant writer, which by bringing in more money to the school district could end up paying for itself.
Each school will also have $75 per student extra a month (about $417,000 a month across the district) to spend at the principal’s discretion, which hasn’t been done in previous years, Onofrio said.
This will allow schools to spend more money on what they need, which depending on the school, could mean more books, or it could mean another teacher, a reading specialist or a counselor. The district has committed to this discretionary money for only one year, meaning any teachers hired from it will be on one-year contracts.
So the school district is increasing its spending — but it can afford to spend more, Onofrio said.
Even after a million dollar reduction, the reserves would still be at 28 percent, which is nearly three times what the school board requires.
“Our goal as a school district is not to have a large reserve but to have well-educated kids,” Onofrio said. “We need a sufficient reserve, and that’s 10 percent. That’s why we’re able to spend that down some.”
Overall, the school district is in great financial health — the reserves are large, the district has a lot of available cash, and the experienced eyes of auditors and businessmen on the board of education are comfortable with the district’s financial situation, Onofrio said.
Building projects funded by the $128 million bond passed in November 2006 are all coming in on budget or even under budget, Onofrio said. It’s still estimated that the district could have at least $6 million leftover.
The only project that he’s a little worried about is the remodel of Eagle Valley High School.
“Because it’s a remodel, it’s a little more risky,” Onofrio said. “We don’t know what we’re going to find in the walls.”
Staff Writer Matt Terrell can be reached at 970-748-2955 or mterrell@vaildaily.com.
But the county’s public schools will still have a large and healthy savings account, said Phil Onofrio, chief financial officer for the school district.
The 2008-2009 budget, approved this week by the school board, shows that the district has a little more than $16 million in reserves, and plans on spending half a million to a million dollars of that in the coming school year.
The school district will pay for a new coordinator for the gifted and talented education program, new positions in the technology and maintenance departments, two parent liaisons to help schools communicate with Spanish-speaking parents, and a districtwide social worker.
The district will also hire a grant writer, which by bringing in more money to the school district could end up paying for itself.
Each school will also have $75 per student extra a month (about $417,000 a month across the district) to spend at the principal’s discretion, which hasn’t been done in previous years, Onofrio said.
This will allow schools to spend more money on what they need, which depending on the school, could mean more books, or it could mean another teacher, a reading specialist or a counselor. The district has committed to this discretionary money for only one year, meaning any teachers hired from it will be on one-year contracts.
So the school district is increasing its spending — but it can afford to spend more, Onofrio said.
Even after a million dollar reduction, the reserves would still be at 28 percent, which is nearly three times what the school board requires.
“Our goal as a school district is not to have a large reserve but to have well-educated kids,” Onofrio said. “We need a sufficient reserve, and that’s 10 percent. That’s why we’re able to spend that down some.”
Overall, the school district is in great financial health — the reserves are large, the district has a lot of available cash, and the experienced eyes of auditors and businessmen on the board of education are comfortable with the district’s financial situation, Onofrio said.
Building projects funded by the $128 million bond passed in November 2006 are all coming in on budget or even under budget, Onofrio said. It’s still estimated that the district could have at least $6 million leftover.
The only project that he’s a little worried about is the remodel of Eagle Valley High School.
“Because it’s a remodel, it’s a little more risky,” Onofrio said. “We don’t know what we’re going to find in the walls.”
Staff Writer Matt Terrell can be reached at 970-748-2955 or mterrell@vaildaily.com.
