With these new funds, $25 million will be used to bring the district back up to the 3% mark, coming into compliance with state law and avoiding a takeover. RELATED: With state takeover looming, Hillsborough school district gets $100M bailout This financial crisis has been building for about a decade. Since last fall, 1,500 positions have been cut, mostly through attrition and retirement, and about 100 teachers have been laid off. Job transfers and reduced expenditures also played a part in the district’s plan to get back on track.
This money comes as a huge relief as it means the district will avoid state receivership, a threat that was looming due to the district’s financial woes. After Superintendent Addison Davis paid a visit to the state over a week ago, the state agreed to release $101 million worth of ESSER funds, or emergency funds, to the district to help cover some of their immediate financial needs resulting from their COVID-19 response.
By law, 3% of the district’s budget needs to be in its reserves. If that number dips below 2%, as it did for HCPS, the district could be taken over financially by the state. TAMPA, Fla. – After a huge funding breakthrough with the state, the Hillsborough County School District is getting back on track. Tuesday morning, HCPS plans to update their stakeholders on their latest financial plans.
MORE: Hillsborough schools superintendent agrees to improve his performance Davis says the focus now has to be finding a long-term solution and recurring revenue stream to make sure this doesn’t happen again. He says increased funding from the state would go a long way to that end. Davis says he’s been working on solving this problem since he took over in March of 2020. Since the fall, 1,500 positions have been cut, mostly through attrition and retirements. Nearly 100 teachers were laid off.
The clock was ticking for the district to come up with a solution to its budget deficit which, at one point, exceeded $100-million. Last month, Florida education commissioner Richard Corcoran gave the school board and superintendent until May 12 — this Wednesday — to figure out how to fix the financial crisis, which has been building for about a decade. PREVIOUS: Hillsborough County schools could be out of money by end of June, superintendent says
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