A second and final hearing on the Fiscal Year (FY) 2021 budget for the school system was held Monday afternoon at 4:30 p.m.
The total revenue budgeted for FY 2021 sits at $19,063,983 with total expenses for FY 2021 at $20.2 million and a deficit spending of $1,158,000 – almost the same amount as the $1.3 million in austerity cuts to Dade County schools by the state. Without the austerity cuts, it was pointed out Dade County schools would have a balanced budget.
The majority of those austerity cuts will be covered by the school system’s reserves which currently total $3,625,000. At the end of FY 2021 the school system expects to have $2,466,453, or 12% of their operating expenses, left. It is recommended they have at least 10% to cover any budget shortfalls at the end of the year before more revenue hits, emergencies or further budget cuts by the state during the year.
The FY 2021 budget of $20.2 million was approved unanimously during the regular August Board of Education meeting held later in the evening.
A video of the explanation of the school budget for FY 2021 can be viewed below.