School Pays Consultant $10,000 for Budget Help

7 years 6 months 4 days ago Friday, December 17 2010 Dec 17, 2010 Friday, December 17, 2010 6:29:15 PM CST December 17, 2010 in News
NEW BLOOMFIELD - The New Bloomfield School District decided this week to hire a financial consultant to manage the school's budget for $10,000.  Interim superintendent Thomas Baugh said Friday that the school district can expect $200,000 less funding for the 2011-2012 school year.  Baugh likened the $10,000 to an insurance policy. 

The consultant is the chief financial officer for the Jefferson City School District.  Consultant Jason Hoffman has already reviewed the budget and found a source of funding that means the school will have a $100,000 reserve in its budget. 

The school board voluntarily set the tax levy 5 cents below capacity.  Baugh estimated that the extra 5 cents would generate $20,000 for the school district.  The tax will be voted on again during the next school year. 

Baugh stated many small schools do not have the adequate training necessary to manage the school budget and that most large school districts hire financial professionals to oversee the budget.   

This past November, New Bloomfield sought the public's help for cost saving measures for future school years.  The district is already $80,000 over the amount budgeted for substitute teachers. 

New Bloomfield School District did not meet the No Child Left Behind Act in 2009. 

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