A month ago, the school district was looking at a balanced budget over the next five years. But district chief financial officer Uri Monson told the school board the coronavirus has obliterated that projection.
"In March, we were able to present for a brief shining moment, a five-year, fully-balanced plan because we had achieved structural balance. This is what structural imbalance looks like and we end (FY) '25 with a projected $1 billion deficit,” he said.
Monson is expecting more than $100 million less in state subsidies than the district was planning on for next year.
He said already this year, city revenues from liquor-by-the-drink, the use and occupancy tax and other sources are down $64 million.
And those projections don't include any raises for teachers or maintenance workers, whose labor contracts expire this year.