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Horry schools finance committee to consider defunding items to make up $400K for state retirement system

Source: Horry County Schools Source: Horry County Schools

HORRY COUNTY, SC (WMBF) – The Horry County Schools Board will look at possibly defunding certain items for the upcoming fiscal year in order to make up $400,000 to go into the state’s retirement budget.

According to John Gardner, the chief financial officer for Horry County Schools, the proposed budget presented to the board in February included an estimated retirement rate increase of 0.5 percent.

Then, the state House proposed the employees’ share of the retirement budget increase by 2 percent, according to Gardner.

“Basically, when they get a 2 percent increase, they say, ‘OK, we are going to pass 1 percent on to the schools directly, and we’ll take 1 percent directly to the South Carolina retirement system,’” Gardner said.

That equated to HCS having to budget $4.8 million for the retirement system. Eventually, the House came back and offered to pick up half of the cost, dropping it down to $2.4 million, according to Gardner.

Then, the Senate proposed the school districts picking up the whole 2 percent increase, but receiving additional funding.

“So we had to add an additional $2.4 million into our budget for expenses, but were able to offset it by $2 million,” Gardner said. “So the cost of that was going to be an additional $400,000.”

On Thursday, the HCS’ finance committee will meet and look at prioritizing expenses for the proposed budget and see where cuts can be made.

According to that list of expenditures, some of the items the committee will consider are purchasing cameras for school buses in the current year.

The complete list of expenditures the finance committee will consider can be found below:

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