Youngstown schools wrestle with deficit projections

YOUNGSTOWN — The latest version of the city school district’s five-year financial forecast shows it could be out of deficit spending by 2012 — if voters approve a 9.5-mil tax levy in November.

Without the levy, the district’s deficit will stand at $15.3 million in 2012.

William Johnson, district treasurer, presented both versions of the forecast to the school board’s finance committee before Tuesday’s regular board meeting.

He said the second scenario shows a continuing deficit despite the spending cuts already made by the district. Youngstown has cut spending $26 million, largely by eliminating some 450 jobs since the state placed the district in fiscal emergency in November 2006 when the city schools faced a $15 million general fund deficit.

The district borrowed $15 million from the state’s solvency loan fund to cover the red ink.

Read more in Wednesday’s Vindicator and Vindy.com