By Antonio D. French
Filed Wednesday, June 7 at 4:32 PM
The chief financial officer of the St. Louis Public Schools had some more bad news for the school board at last night's meeting. The roughly $2 million shortfall for the 2006-2007 budget is actually more like $4 million.
Superintendent Creg Williams told the board that the district received a $4.2 million bill from the district's pension fund in December, but he and Cedric Lewis, the acting CFO, didn't find out about it until Monday. He said that $2.1 million of that is due this year and the rest is due next year.
The additional $2 million deficit plus the components of Williams' "strategic plan" initiatives, many of which have yet to be funded, puts the district on shaky financial ground for next budget year. But the real trouble starts in 2007-08, according to Lewis.
The CFO has estimated that SLPS will faces a budget crisis of approximately $50 million by November 2007. Check back later for a video report on this issue.