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Board President Dr. Nader J. Sayegh said the auditor’s report, it is anticipated, should determine an expected fund balance from the 2012-2013 school budget, according to a release.
"It is hopeful that a combination of monies and savings from fund balance, City/State funding sources and restrictions on spending to only the most important District needs will assist the District in offsetting a portion of the $55 million deficit," representatives said. "To immediately address the deficit, the Superintendent has implemented a hiring freeze. The District is also working to ascertain the year-to-date spending in each department at the Board of Education and has halted all discretionary expenditures. Staff is presently preparing a multi-year financial plan, and the BOE Trustees and Superintendent are continuing to work collectively with the Mayor, the City Council and the State to resolve the shortfall."
Representatives said staff will remain in place and students will continue to receive the services and programs currently offered, according to the release.
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