5-year forecast approved

The board approved the 5-year forecast for FY 2010-11 through FY 2014-15.  The forecast that was adopted shows the district will lose $5 million in revenue between 2010 and 2015.  This is happening in districts across the state, and it’s the first time school districts are seeing actual revenue reductions.

With the “ideal” budget laid out by the administration, the forecasted ending balance in June, 2015 is a -$35 million deficit.  Before even bringing this to the board, the administration rejected this scenario, recognizing our community cannot support this level of expenditure.  The budget adopted last night has a 3% expenditure cut of approximately $1.8 million every year.  This reduces the projected deficit in 2015 to -$25 million.

The administration has also committed to bringing back further reductions of $10 million over the next five years, bringing the projected deficit to -$15 million in 2015.  Their report will be presented in February, 2011.

The focus of these reductions will be to increase efficiencies and without affecting the high level of education Milford provides as much as possible.