State contemplates financial oversight for Jefferson County schools
The Jefferson County school district's rainy day funds have become so depleted - $28,201, or just 0.28 percent of its general budget - that Florida Education Commissioner Eric J. Smith is recommending an oversight board for the district's finances.
The state considers 3 percent of general revenue to be a minimally acceptable level for reserves. The district projects a negative fund balance of $554,086 by June.
If the State Board of Education approves the recommendation during a conference call this afternoon, Jefferson would become the first district in Florida to fall under this "financial emergency" oversight, which the Legislature added into law during a January special session.
Jefferson has submitted a plan to get its finances in order by summer. The oversight board of three appointees would help make sure that happens. The state has been monitoring eight districts considered to have "unhealthy" finances, but none of the others have gotten to this point.