Youngstown schools facing $10,380,000 budget deficit

YOUNGSTOWN — The Youngstown City School District is looking at a $10,380,000 budget deficit at the end of this fiscal year.

Spending will total about $120.5 million, but revenue will fall well short of that amount.

That’s the latest estimate prepared by the Ohio Auditor of State’s office and presented to the state Financial Planning and Supervision Commission which is overseeing district finances since the state placed Youngstown under fiscal emergency in November 2006.

The number is a bit better than fiscal 2007 which ended with a $15 million deficit. The school district borrowed $15 million from the state to cover the red ink and is paying that back over two years.

Half of that debt is being repaid this year and essentially accounts for about three-quarters of the anticipated 2008 deficit.

The district will have to borrow another $10,380,000 from the state to end this year with a balanced budget.