FY21 Budget Overview
Knox County Schools has released its fiscal year 2021 general fund budget.
The $503,847,000 budget is a reduction of $2,805,000 from the current year 2020 budget. The prospect of a prolonged economic downturn resulting from the COVID-19 pandemic necessitated the development of this most unsettling financial scenario. Forecasted economic conditions hinder our ability to invest resources into strategic plan initiatives at the desired level, Knox County Schools remain committed throughout the development of this budget proposal to avoid significant cuts to the classroom.
During this process, we found ourselves challenged on two fronts: 1) To what degree will the pandemic’s negative impact on the economy necessitate our use of fund balance reserves for the remainder of the current fiscal year; and 2) To what degree, and for how long, will this unprecedented situation affect revenue sources throughout the upcoming school year?
These uncertain times compelled us to take a particularly cautious approach in developing the FY21 proposal. Unfortunately, if actual revenue collections over the coming months are significantly worse than current projections, we may find ourselves in the unenviable position of having to exercise more restraint by modifying the budget after the school year begins.
FY21 Community Budget Meeting