KSLA News 12 Shreveport, Louisiana |Ark. board names 3 districts in fiscal distress
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Associated Press - April 13, 2009 6:34 PM ET
LITTLE ROCK, Ark. (AP) - The state Education Board has put three school districts on its fiscal distress list for financial problems.
The board voted to place the Mammoth Spring, Mansfield and Osceola school districts on its list of fiscally distressed schools, putting the districts in jeopardy of being taken oven by the state if they don't improve their finances.
School districts placed in fiscal distress by the state have up to two years to submit a plan showing how they will remove themselves from the classification, have the plan approved and successfully implement the steps. Then, the district can petition the board to be removed from the list.
All three districts were cited by the state for declining fund balances.
Osceola, which has 1,500 students, is projected to end the next fiscal year with a deficit of $764,279. Mammoth Spring, which has 430 students, was projected to have a deficit of $121,306.
Mansfield, which has 984 students, is projected to end the next fiscal year with a $244,339 deficit.
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