Dear Parents and Community Members,
Over the past few weeks, there has been a substantial amount of news coverage regarding the State’s current financial crisis. There have been various headlines talking about pension reform and State Aid reductions for the current year (2009/10). Several weeks ago, the State was considering taking up to 75% of our excess surplus. We received information from the State on Friday that the new proposal is to take 100% of our excess surplus and 25% of what we have set aside for emergencies in the Capital & Maintenance reserves. This is substantially more than anticipated in the first news release. The proposed total to be deducted for this year (2009/10) is $1,498,592 (about $1.5 million). There are many concerns surrounding the proposal and there are various questions regarding the process, including the timeline.
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