The Bottom Line
Understanding the Financial Picture
The current economic climate is creating financial challenges for individuals and organizations nationwide. Springfield Public Schools is carefully monitoring its finances to ensure it remains as fiscally responsible as possible.
The Bottom Line is the place to find the latest news about Springfield Public Schools' finances. Check back frequently for regular updates.
Latest Financial News
Nov. 18 -- Chief Financial Officer, Steve Chodes, presented the October financial statement to the Board last night. Mr. Chodes pointed out that less than 2% of the budgeted sales tax revenue, which comprises almost half of the District’s revenue budget for the year, has been received by the District through October which is in line with historical trends. Over 80% of the annual sales tax revenue is received in January.
Nov. 17 -- Springfield Public Schools earned its 17th consecutive unqualified fiscal audit, meaning that the district met all standards of accounting principles accepted in the United States of America. Fewer than 3 percent of Missouri’s 520 public school districts receive an unqualified audit on the accrual basis. The independent auditor’s report and financial statement for the 2008-2009 fiscal year was prepared by Daniel Jones and Associates, Certified Public Accountants, and presented to the school board at its meeting Nov. 17.
Aug. 18 -- School board votes to place $50 million bond issue on Nov. 3 ballot. View a list of proposed projects to be funded by the bond.
July 27 -- Superintendent Norm Ridder describes how stimulus funds will be used to benefit Special Education and Title I programs. Listen to his interview on KSMU's Making Democracy Work program.
June 30 -- The Springfield school board adopted the 2009-2010 operating budget Tuesday night. Included in the budget are a one-half percent salary increase for employees and increases for eligible employees who are pursuing advanced degrees. Read more...
June 16 -- During study session, the school board considers the 2009-2010 budget, which includes $192.3 million in revenue and $192.9 million in expenditures. Budgeted for 2009-2010 are a .50 percent salary increase for all employees, plus increases for eligible employees for pursuing advanced degrees. The school board will adopt a budget at its June 30 meeting.
May 26 -- School board conducts budget work session following regular school board meeting. View information provided to the board. Read a meeting summary.
May 13 -- Compensation Committee considers options of implementing vertical steps or a one-half percent salary increase.
May 12 -- Frequently Asked Questions document responds to common questions from staff and stakeholders. Submit a question.
May 12 -- Superintendent Norm Ridder posts a budget update message. Read his blog.
May 7 -- Missouri General Assembly passes Fiscal Year 2010 state operating budget, which includes fully funding the foundation formula. While this maintains state level funding for education, it does not address revenue shortfalls from local sources anticipated by the district.
April 23 -- School board reviews preliminary 2009-2010 budget during work session. Read a meeting summary.
April 13 -- DESE calculates amount of Special Education ARRA funds school districts may receive in 2009-2010.
April 10 -- DESE calculates amount of Title I ARRA funds school districts may receive in 2009-2010.
April 6 -- DESE issues guidance to school districts about ARRA allocations.
April 2 -- Superintendent Norm Ridder writes letter to President Barack Obama regarding stimulus funds.
March 26 -- District cuts $4.2 million in expenditures from the 2008-2009 budget to help address a potential $4.7 million deficit. The district is expecting a decrease in revenue due to a shortfall in property and sales taxes, investment income and other state, county and local revenue sources. In spite of these cuts, Springfield Public Schools will likely end the 2008-2009 fiscal year with a deficit of about $540,000.
March 18 - -Staff identify 150 facility improvement projects totaling $66 million that could be funded by State Fiscal Stabilization Fund.
