Bristol schools to be released from 3-year fiscal emergency
The district was placed in fiscal emergency in October 2003.
By AMANDA GARRETT
VINDICATOR TRUMBULL STAFF
BRISTOLVILLE -- The Ohio auditor's office is scheduled today to release the Bristol Local School District from three years of fiscal emergency.
The Financial Planning and Supervision Committee set up by the auditor's office to oversee the district's finances will officially disband itself at a 10 a.m. meeting in Bristol Elementary's library.
The district was placed in fiscal emergency in October 2003 because its general fund had a 785,000 deficit, district Treasurer Nancy McPeak said.
"We've made a lot of progress," she said. "It was really hard work and it took a lot of sacrifices from our students and staff."
The district had reduced its deficit 610,000 by 2005, according to its 2006 financial forecast released in May. The projected deficit for 2006 is 104,000.
To keep costs down, the district reduced programs and staff and instituted a two-year wage freeze for all employees, McPeak said.
The district has eliminated more than a dozen positions since 2004 and reduced the hours for two positions, according to the financial forecast.
The district also increased revenue by successfully passing a five-year, 4.7-mill levy in February 2005, McPeak said. The levy brings in about 400,000 per year.