At a special meeting of the Escambia County School Board this Thursday, January 12, at 3:00 PM, the board will discuss the current state of A.A. Dixon’s finances. Board members will be presented with a PowerPoint presentation by the finance department which projects A.A. Dixon’s fund balance to be a negative (-$63,090.00) at the end of FY 2012.
This conservative projection shows a negative fund balance at the end of the FY, in comparison to the Corrective Action Plan (CAP) submitted by this charter earlier this year which projected a positive fund balance of around 5K at the end of the FY.
I never thought the CAP’s fund balance projection was realistic, and I am actually somewhat skeptical about the final number this charter’s fund balance will be when the FY ends in June of 12. I believe the final number will be worse that $63K, more like between (-$100,000.00 and -$150,000.00)
The presentation, which has already been provided to board members, also contains some line items which will create questions from me such as:
1. How do you plan to pay for the repair of the district provided buses such that your transportation projection (7800-390), which is drastically lower for the second half of FY12, will be realistic, given your current fund balance is (-$30,970.00)
2. What is the nature of the $10,000.00 expenditure in 7300-390, to whom was this expenditure made?
3. What is the nature of the $4,688.00 expenditure in 7100-315, to whom was this expenditure made? (My understanding of the CAP was that the school was no longer going to use consultants)
4. Given the fact that your checkbook is essentially in the hole about -$30K, will you continue to be able to make your payroll for the rest of this year?
5. Has your staff’s total “voluntary” pay cut been 10%, 15%, or a combination (25%?)
6. If the fund balance increases as it looks likely to at the end of the FY—will this school close voluntarily per the agreement between Dixon’s Board Chair and the Superintendent, and the amendment to the CAP?
These are some of my initial questions; there will be more as this meeting (in room 160 at the Hall center) unfolds Thursday.