Philly schools still face $39M in budget shortfall

PHILADELPHIA - October 27, 2011

Chief Financial Officer Michael Masch says the shortfall is the result of lower tax revenue and about $15 million from savings targets the district failed to meet by selling properties and reducing costs.

Masch suggested cost-cutting measures at a School Reform Commission meeting Wednesday that would target school budgets, music, sports and professional development that would save an estimated $17 million.

The district entered the school year with a budget deficit of more than $600 million due in large part to cuts in state aid and the loss of federal stimulus money.

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