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2017-06-14 / Front Page

Schools system to end fiscal year with $15.2 million surplus

Rich Griset Staff Writer

At the Chesterfield County School Board’s Tuesday night business meeting, it was revealed that the school system has a $15.2 million surplus.

Chris Sorensen, the school system’s assistant superintendent for business and finance, explained that Chesterfield County Public Schools was projecting a $16 million surplus in revenues, $14.7 million of which comes from the refinancing of debt. The expenses incurred by the sale and accounting of the debt equaled $800,000, resulting in a projected available balance of $15.2 million to end the year.

The School Board voted to spend $2.9 million of that $15.2 million on debt reserves, $2 million in an additional payment for the supplemental retirement program, $7 million for the funding of subsequent budgets and $1 million for school bus replacements. That leaves a remaining balance of $2.3 million.

After the School Board approved the motion, local resident Ron Hayes criticized the board for not putting more money toward the beleaguered supplemental retirement program.

“The budget continues to escalate, escalate, escalate,” Hayes said. “The discussion of cost is one of the least things that y’all consider.”

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