For your information, the Department of Education has just received revenue projections for the remainder of this fiscal year and for next fiscal year. The Department of Finance and Administration revised the forecast for FY 2000 and reduced General Revenues that are available to state agencies by $16.7 million. The Public School Fund's share of this reduction totals $5,060,587.
Due to projected savings in the budget for Student Growth, this revision in the General Revenue Forecast will NOT REQUIRE A DECREASE IN ANY OF THE CURRENT YEAR FUNDING PROJECTIONS previously distributed from the Department.
However, districts need to be aware as plans for next school year are made that the forecast for FY 2001 projects a growth of only 3.25% or $40,850,360 for the Public School Fund. Department staff will be working over the next month to formulate a budget recommendation based on this forecast to present to the State Board of Education in June 2000.
Based on this forecast, the Department recommends that districts be conservative as planning begins for next school year. Hopefully, preliminary estimates for the Base Local Revenue Per Student will be available by mid May.