MCPS projecting $5 million deficit this fiscal year

Montgomery County Public Schools (MCPS) plans to implement some hiring and spending restrictions and to use leftover funding to address a projected $5 million deficit in the district’s fiscal year 2025 operating budget, Superintendent Thomas Taylor told the school board Thursday. 

“The commitments that I made coming in as your new superintendent was to offer a level of transparency to our financial operations and to make sure that the public was aware of the good, bad and the indifferent,” Taylor said during the board meeting at MCPS headquarters in Rockville. “And this is one of those times where things are not going well.” 

The school district has been facing significant budget constraints after receiving roughly $30 million less than the county school board requested after the County Council allotted S3.3 billion in spending for fiscal year 2025, which began July 1...

https://moco360.media/2024/11/07/mcps-projecting-5-million-deficit/

Montgomery County council looks to reduce MCPS funding to lower 10% tax hike

Lawmakers in Montgomery County are trying to trim back a controversial budget increase by Montgomery County Public Schools that would trigger a 10% property tax hike. 

After public reaction and public forums, the Montgomery County Council’s education committee is recommending reducing MCPS’ fund balance by $22.3 million, which would slightly lower the proposed tax hike.  Councilmember Will Jawando – who just announced a run for U.S. Senate – is the committee chair. He told FOX 5 that MCPS should tap into its unused funds. 

"We voted 3-0 to recommend to reduce by $22.3 million which is equivalent to 1% of the tax increase because of the fund balance. The school system's been carrying a pretty large fund balance of $25 to $35 million," said Jawando...

Montgomery County council looks to reduce MCPS funding to lower 10% tax hike (fox5dc.com)

MCPS: "As of January 31, 2020, along with the FY 2020 beginning fund balance, the FY 2020 fund balance at year-end would be $27,143,689"

MCPS Monthly Financial Report to be discussed at March 10, 2020, Board of Education meeting.

https://go.boarddocs.com/mabe/mcpsmd/Board.nsf/files/BMBMNL5BEAD5/$file/Mo%20Finan%20Rpt%20200131.pdf

MCPS has $1.1 Million in Savings

After maintaining larger fund balances in recent years, Montgomery County Public Schools currently has about $1.1 million in savings, a significantly smaller amount that some school officials say could present a challenge when the next budget season comes around.
At the end of fiscal 2014 over the summer, the school system had $17.04 million left over, creating a total fund balance of $39.34 million, according to the school system. The Montgomery County Council used about $38.2 million to help fund the system’s $2.28 billion budget this fiscal year.

 http://www.gazette.net/article/20141014/NEWS/141019656/1124&template=gazette