Fayette school budget gap can be closed without increasing payroll tax | Opinion
AI-generated summary reviewed by our newsroom.
- Reducing FCPS's contingency fund can address the $16M gap without tax hikes.
- Public-private partnerships and spending cuts offer long-term budget solutions.
- FCPS student performance significantly exceeds national academic recovery rates.
A thriving workforce and community require a strong public school system.
That’s why we have participated in efforts to support Fayette County Public Schools as it examines ways to resolve a $16 million budget gap. We want to ensure that Fayette County students and educators have the resources they need for continued success.
Fayette County Public Schools — from Superintendent Demetrus Liggins to classroom teachers and support staff — provide students with a world-class education.
The results speak for themselves. In the last four years:
*FCPS students are recovering learning loss in reading at three times the national average and outpacing the national average in math recovery
- Graduation rates are steadily increasing
-The number of students taking at least one college-level class has nearly tripled; and
- FCPS produces 32 percent of the state’s highest-performing students with only 6.5 percent of Kentucky’s total student enrollment.
By working together with the district and engaged community representatives, Commerce Lexington believes that a short-term solution for the next budget is achievable while maintaining the occupational license tax at its current amount.
Reducing the contingency fund, while still keeping it at the legally required amount, will resolve the deficit and provide an additional cushion. In addition, cost-saving measures should be implemented.
We remain committed to rolling up our sleeves and working with FCPS to regain long-term, lasting structural balance in the budget in a variety of ways:
-Additional cost savings and efficiencies;
-New revenue generated from public-private partnerships and sponsorships; and
-Aligning resources.
We can’t tax our way out of this problem. The reality is that the budget is structurally imbalanced. Bringing balance to the revenues and expenses is the only way to achieve long-term stability and sustainability.
In this effort, we are — and will be — steadfast partners with our public schools, the most important asset we have to ensure a bright future for our community.
Behnke, CEO of Lexington Clinic; Monday, executive vice president for finance and administration and co-executive vice president for health affairs at the University of Kentucky; Jay Blanton, chief communications officer for the University of Kentucky; Stout, CFO of Keeneland; Shear, general manager of SRC of Lexington; are members of the Budget Solutions Committee. Carla Blanton is chair of the board of Commerce Lexington.