The Orlando Sentinel published an article by Reporter Erica Rodriquez on how the Lake County School District and their CFO set aside $3-million due to a teacher union lawsuit over Governor Scott's request that teachers contribute 3% of their wages directly to the Florida State pension fund, rather than the prior practice of having the employer (School District) pay for the pension contribution without deductions from wages. Read the story, and the other comments, then my comments below (which are longer than allowed by the Sentinel on their site: http://www.orlandosentinel.com/news/local/lake/os-lk-schools-money-unspent-20111030,0,6229510.story Here is my comment about the issue, with some extra issues about BAD budget practices thrown in for good measure: The Lake Schools CFO, Carol MacLeod, has done a good job of keeping this specific School District budget item on a conservative track, but other bad budget practices exist as described below. This is one of those issues where it would have been easy to blow the $3-million like the Lake County Board did, but set it aside. The teacher's unions shot their foot off when they sued about the pensions, and MacLeod and the Board did the wise thing and set the funds aside. But, not all budget procedures... Read more →
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