Contingency

The Clark County Board of Education approved a $36 million tentative budget for Fiscal Year 2012-13 Thursday, which includes a 13.9 percent contingency - $5.6 million - well above the state mandated 2 percent contingency. The tentative budget is the second step in developing a working budget for the district. Districts are required to present a draft budget to the board by Jan. 31, with a tentative budget approved and submitted to the Kentucky Department of Education by May 31 and the working, or final, budget submitted to KDE in September.

Boyle County Schools will have to come up with $325,000 to make good on Frankfort's promise of raises for teachers. Superintendent Steve Burkich discussed the issue as the Board of Education got its first look at a draft budget Thursday at a special meeting at Boyle County Middle School. Certified employees will receive an extra $3,000 a year and classified employees 5 percent. The total cost for Boyle County Schools will be $1.1 million. The General Assembly allotted $314 per student to cover the raise, Burkich said, but the actual cost of raises for Boyle will be $344 per student.

The Clark County Board of Education will hold a special meeting at 6:30 tonight at the Central Office building,1600 W. Lexington Ave. The board will take its first look at the budget for 2008 in regard to revenues and expenditures for the general fund, Superintendent Ed Musgrove said. The budget, which is not due until May, leaves the board "a little short" to pay for all the things they would like to, Musgrove said. Between now and May, he would like to see the board "pare the budget down," adding that it's about $800,000 off where it should be. The district was placed on a state financial watch list by the Kentucky Department of Education in August due to its failure to finish the fiscal year with a minimum 2 percent contingency in the general fund.

Dear Editor: I would like to applaud the effort to restore Diamond Pointe, but was rather amazed that something as simple as a lease contingency could be this hard to work through, even warranting a front page article. Volatile variables, such as escalating utility costs, can easily be handled with a banded threshold that allows for an increase in price equivalent to the increase in cost of the utility. This is commonly used in business where there is a fluctuating variable for which risk should be mitigated.

Diamond Pointe Dear Editor: I would like to applaud the effort to restore Diamond Pointe, but was rather amazed that something as simple as a lease contingency could be this hard to work through, even warranting a front page article. Volatile variables, such as escalating utility costs, can easily be handled with a banded threshold that allows for an increase in price equivalent to the increase in cost of the utility. This is commonly used in business where there is a fluctuating variable for which risk should be mitigated.

BURGIN ? While the state requires only a 2 percent contingency, Burgin Board of Education is boasting a whopping 12 percent. The news was received Wednesday night as the board got its yearly audit report back. The contingency fund is money set aside in case the district has unplanned expenses, not included in the regular budget. The audit showed that the district is financially stable, and that district officials need to remain vigilant about how money is being spent. Also at the meeting Principal Marty Collier reported the test scores to the board.

The Clark County Board of Education voted to approve budget adjustments for the 2006-2007 working budget at a special meeting Wednesday night. The changes are a result of an audit performed in August by Summers, McCrary & Sparks, P.S.C, a certified public accounting firm. An annual audit is required for all school districts. The district was placed on a state financial watch list by the Kentucky Department of Education in August due to its failure to finish the fiscal year with a minimum 2 percent contingency in the general fund.

HARRODSBURG - Mercer County Board of Education heard a mixed assessment from an independent auditor of the district's finances and financial operations Tuesday night. CPA Bill Critchfield, of the accounting firm Critchfield and Critchfield that handled the audit, told the board there were changes in the process this year. One of the components of this year's audit was a risk assessment, which focussed on judging the possibility of improper practices. Auditors make sure bookkeeping responsibilities are spread among employees so there is less chance of impropriety.

At its regular meeting last night, the Clark County Board of Education approved budget adjustments that increased the contingency of the district's general fund to more than $100,000. By adjusting numbers in the salary budget, finance director Stacey Clark was able to move $48,644.94 into the district's contingency, which was about $34,000. The district is also receiving $6,000 monthly payments from Nextel, and Clark told the board that $48,000 of that money will be put in the contingency fund.

Full-time certified and classified school district staff will receive an early Christmas present this year. The Clark County Board of Education unanimously approved Tuesday a one-time $900 salary add-on for the employees to be paid in December. The employees, who did not receive a cost-of-living increase this year, last had a salary increase in 2010 when they were given a 1.5 percent increase. The board, at the urging of Chairwoman Judy Hicks, first began looking at the possibility of giving a one-time increase in January when it started working on its 2012-2013 budget and asked Financial Officer Stacey Clark to bring some numbers back to them.

Full-time certified and classified school district staff will receive an early Christmas present this year. The Clark County Board of Education unanimously approved Tuesday a one-time $900 salary add-on for the employees to be paid in December. The employees, who did not receive a cost-of-living increase this year, last had a salary increase in 2010 when they were given a 1.5 percent increase. The board, at the urging of Chairwoman Judy Hicks, first began looking at the possibility of giving a one-time increase in January when it started working on its 2012-2013 budget and asked Financial Officer Stacey Clark to bring some numbers back to them.

The Clark County Board of Education approved a $36 million tentative budget for Fiscal Year 2012-13 Thursday, which includes a 13.9 percent contingency - $5.6 million - well above the state mandated 2 percent contingency. The tentative budget is the second step in developing a working budget for the district. Districts are required to present a draft budget to the board by Jan. 31, with a tentative budget approved and submitted to the Kentucky Department of Education by May 31 and the working, or final, budget submitted to KDE in September.

Last month legislators in Frankfort suggested the state should take a portion of the money school districts across the state have set aside in their contingency funds, to be used to help balance the state budget. Needless to say, the suggestion didn't sit well with school districts whose contingency funds are a vital part of their budgets. At its meeting Tuesday night, the Clark County Board of Education approved a resolution voicing its strong opposition to the legislature's proposal at its meeting Tuesday.

House Speaker Greg Stumbo's plan for state lawmakers to consider reaching into local school system's contingency funds has met a bump in the road from Jessamine legislators and the local school board. According to an article in The Louisville Courier-Journal, Stumbo has discussed his plan with Gov. Steve Beshear, who has not weighed in on with his thoughts. State Rep. Bob Damron, D-Nicholasville, and state Sen. Tom Buford, R-Nicholasville, both agree the plan doesn't stand much of a chance come January when the General Assembly begins its 2010 session.

BURGIN ? While the state requires only a 2 percent contingency, Burgin Board of Education is boasting a whopping 12 percent. The news was received Wednesday night as the board got its yearly audit report back. The contingency fund is money set aside in case the district has unplanned expenses, not included in the regular budget. The audit showed that the district is financially stable, and that district officials need to remain vigilant about how money is being spent. Also at the meeting Principal Marty Collier reported the test scores to the board.

HARRODSBURG - Mercer County Board of Education heard a mixed assessment from an independent auditor of the district's finances and financial operations Tuesday night. CPA Bill Critchfield, of the accounting firm Critchfield and Critchfield that handled the audit, told the board there were changes in the process this year. One of the components of this year's audit was a risk assessment, which focussed on judging the possibility of improper practices. Auditors make sure bookkeeping responsibilities are spread among employees so there is less chance of impropriety.

This could be another lean financial year for Clark County Public Schools and school districts across the state.The Clark County Board of Education on Tuesday reviewed a draft budget for 2009 that includes the state-required 2 percent contingency fund - unless the Kentucky General Assembly mandates teacher raises. Clark County Financial Director Stacey Clark said a 3 percent pay raise could leave the district with just 1 percent in its contingency fund, and a 5 percent raise could send it into a deficit.

The Danville Kroger knows what it means to serve its community. Through the work of The Salvation Army, Kroger served thousands of people last year and continues to do so every day. The local chapter of The Salvation Army recently was presented a check for more than $9,200, which was raised over the last quarter at local Kroger stores in central Kentucky, according to Danny Smith, manager of the Danville Kroger. "This money will go far in serving those who are in need," said Capt.

At its regular meeting last night, the Clark County Board of Education approved budget adjustments that increased the contingency of the district's general fund to more than $100,000. By adjusting numbers in the salary budget, finance director Stacey Clark was able to move $48,644.94 into the district's contingency, which was about $34,000. The district is also receiving $6,000 monthly payments from Nextel, and Clark told the board that $48,000 of that money will be put in the contingency fund.