By SHELLEY SMITH
Glasgow Daily Times
Simple cost cutting measures to avoid cuts that impact jobs, and most importantly students, were discussed at the Glasgow Independent School Board meeting Monday night.
Sue Furlong, the school district’s financial officer, presented the financial reports. Currently, the school district is facing the reduction of federal grants, which makes up a little more than 10 percent of the school’s budget, Kentucky School Boards Insurance Trust pay back due to the insurance provider’s nearly $60 million deficit and a reduction in funding from the Glasgow Electric Plant Board.
“I don’t need to tell you that that’s not good news,” Furlong said to the board.
Due to sequestration, an across the board reduction in federal grants to control spending that affects a variety of programs, including education, 5 percent of the federal funding is scheduled to be cut this school year. A 5 percent cut in the school district’s federal grants amounts to a more than $82,600 cut. For the 2013-2014 school year, sequestration will cause up to an additional 10 percent cut in federal grants which would amount to more than $165, 200.
Another item that impacts the budget is the KSBIT pay back amount of nearly $120,000. The school district has not participated in KSBIT since 1994.
For the full story, see the print or e-edition of Tuesday's Glasgow Daily Times.