Bradenton, Florida -- The Manatee County School District is posting its first budge surplus since the 2010-2011 school year.
In a school board meeting Tuesday night, Deputy Superintendent of Operations Don Hall revealed a $3-4 million surplus from this past school year's budget.
The district has struggled with its finances since 2005, and recently introduced sweeping cost cutting measures to improve its budget. This will mark the first time since the 2010-2011 school year that the Manatee District has ended a school year with a positive fund balance.
School officials credit the dramatic financial turnaround by the school district was the result of the successful execution of a Fiscal Recovery Plan developed by district leaders and approved by an informal state monitoring team last summer. The plan includes a lengthy list of cost efficiencies and reductions, such as the closure of Central High School, as well as sales of surplus school district properties.
Moving into the 2014-2015 school year with a balanced budget and surplus, the Manatee School District is now projecting a $12.5 million fund balance for the next school year that would meet the state's fund balance requirement of 3%.