Closings stabilized school finances - Catholic Courier

Closings stabilized school finances

A recent audit indicates that the closing of 13 Catholic schools last year allowed the Monroe County Catholic Schools system to avoid a large projected budget deficit and to achieve a balanced budget for the 2008-09 school year, according to diocesan spokesman Doug Mandelaro.

At this time last year, the school system faced a $1.3 million shortfall for the 2007-08 school year. The deficit was expected to climb to $5.3 million by the end of the 2008-09 school year, diocesan chief financial officer Lisa Passero told the Catholic Courier in January 2008. This deficit, along with declining enrollment and escalating costs led Bishop Matthew H. Clark to announce last January that the schools would close at the end of the 2007-08 school year.

“With the closing of the 13 schools, MCCS was able to eliminate the projected $5 million deficit and achieve a balanced budget,” Mandelaro said.

The audit, completed Oct. 23 by Bonadio and Co. LLP, shows that the Monroe County Catholic Schools system wrote off $2 million in fixed assets and incurred $1.2 million in costs related to the closings. Unemployment accounted for $975,000 of these costs, and health-insurance benefits accounted for another $137,453. Moving expenses and other charges accounted for the remaining $100,000, Mandelaro said.

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