Youngstown schools could be solvent by 2011

YOUNGSTOWN — Revenue from a new four-year tax levy coupled with a proposed $2.9 million in additional spending cuts could return the city school district to solvency as early as fiscal 2011.

That’s the latest projection from William Johnson, district treasurer, as reported to the state-appointed fiscal oversight commission controlling district spending since the state placed the city schools under fiscal emergency in November 2006.

State intervention occurred when the district reported it was running a $15 million general fund deficit.

Voters passed a 9.5-mill tax levy earlier this month that will produce $5.3 million annually in new revenue for four years and then expire.

Read more in Thursday’s Vindicator and Vindy.com