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Friday, February 3, 2006
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Crosby-Ironton among schools out of debt
Twenty-four of Minnesota's 477 school districts and charter schools did not maintain financial reserves adequate to stay out of statutory operating debt in the 2004-05 school year, according to the annual Minnesota Department of Education report to the state Legislature released Thursday.
"The number of districts and charters has decreased greatly over the past few years, which is a good trend," said Education Commissioner Alice Seagren in a news release.
School districts and charter schools enter SOD if they have a negative general unreserved operating fund balance that is more than 2.5 percent of the unreserved and undesignated operating expenditures. The number of districts and charters in SOD has fluctuated greatly since 1991, the first year of the report, from a high of 59 schools in 1994 to a low of 15 in 1998. The trend in recent years has been moving downward, from 45 in 2001 down to 24 in 2005.
In fiscal year 2005, six school districts, including the Crosby-Ironton School District, and five active charter schools came out of SOD and one charter school closed.
There are 18 school districts, one common district and five charter schools in SOD for 2005. Ten school districts and charters failed to comply with the statutory deadline to report data.
None of these school districts are in the Brainerd lakes area.
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