The DeKalb County School District has announced a 35 percent increase in its surplus for Fiscal Year 2014, reporting an additional $10.9 million in reserves over the $20-million surplus previously estimated.
Superintendent Michael Thurmond cited an increase in revenue collections as well as lower expenditures to produce a FY14 fund balance of $30.9 million.
“The additional $10.9 million in reserves demonstrates that we are making significant progress in stabilizing the finances of the DeKalb County School District,” Thurmond said in a press release. “Our goal is a fund balance of $66 million. We’re just halfway there, but we are confident that we will reach that milestone.”
When Thurmond was appointed interim superintendent in February 2013, the school district faced a budget deficit of $21.4 million. The $30.9 million fund balance represents an improvement of $52.3 million since the end of FY2012.
Earlier this year, the district announced an anticipated surplus of $20 million in a budget that made new investments in instruction, technology and school safety. The FY14 budget also eliminated furlough days, and provided the first pay raises to teachers and staff in six years.