To provide up-to-date and transparent information about the district’s financial condition, this is the October 17 Community Budget Update.
Debt Payment Options
This week, the Board of Education reviewed several options for paying down the district’s $37 million Fiscal Year 2024-2025 debt.
Interim Superintendent Catty Q. Moore said she would like to reserve between $2.4-3.5 million for debt repayment in the final budget resolution.
To do that, the district could make further reductions to staff, non-personnel expenses or salary supplements, or take another loan from the district’s Child Nutrition fund balance. The board could also consider expanding the furloughs to principals or all district employees. If it was extended districtwide, there would be no school held that day.
Moore preferred another option: ensuring that state and federal funds are maximized. For example, strategically managing the district’s Restart School budgets and placing our highest paid staff on state position allotments to provide more flexibility with local funds.
Moore will present a final proposal to the board later this month.
Custodial Contract
Another option that would reduce the district’s debt by $4.2 million would be to adopt a contract expanding services with custodial contractor SSC.
The district is recommending the board enter into a contract with the company to take over most district buildings and hire the majority of custodial staffers. As part of the agreement, the district’s debt would be forgiven over 10-year term of the contract.
If the board moves forward with that option, WS/FCS custodial staff would be offered jobs with SSC. The district would retain up to 35 senior custodial staff members, who have more than 15 years paid into the state teacher’s retirement system. The decision would require the board to adopt a formal Reduction in Force (RIF) to manage the transition of WS/FCS staff to SSC.
The proposed $18.4 million annual cost is less than the district’s current $20.5 million annual costs for the existing SSC contract and in-house custodial costs.
The board will consider the contract, the RIF, and the final budget resolution on October 28. WS/FCS must present a debt repayment plan to the State Board of Education on November 4.
Foundation Support
This week, the Twin City Development Foundation announced that it will pay $400,000 worth of the school district’s debt.
Board Chair Robert Clark, speaking at this week’s Board of Education meeting, said an investment in the financial health of the school system is an investment in the community’s future.
Clark called upon other individuals and organizations in the community to join the foundation in its efforts to erase the district's debt. Private funds raised between now and December 31 to support debt repayment will be matched with an equal amount of debt forgiveness by Forsyth County.
“This is a moment that calls for leadership and collective action,” Clark said. “For the future of our children and our entire community, we must all lend a hand.”
Dash Movie Night
The Winston-Salem Dash, Candor Home Services LLC and Candor Roofing LLC are hosting a free movie night to benefit WS/FCS.
The Dash will host a special showing of the movie Wicked: Part One on Friday, November 7 at 6 pm. The partners will donate $1 to the All In For Our Schools campaign, up to a $15,000 potential contribution, for every person who attends.
Admission is free, but visitors must claim a free ticket prior to arrival. Reserve your ticket at https://www.gofevo.com/event/wicked-movie-night-25?ref=wsfcs. All attendees under 18 must be accompanied by a parent or guardian 25 years or older.