Clark County School District ended 2010-11 year with less in general fund

The Clark County School District ended last school year on financially sound ground but faced the same struggles as the limping local economy, forcing the district to dip into its reserves.

The district's general fund balance fell from $145 million to $97 million in the 2010-11 school year, according to the district's audit the School Board approved Wednesday.

That was caused by declining tax revenue and increasing expenses despite a salary freeze and pay cuts.

The district spent $87.7 million more than it received despite expenses increasing only 0.3 percent to $2.89 billion. The problem was a decline in revenue, which dropped 4 percent, $124 million.

The district relies heavily on property taxes and local school support taxes, which is a portion of the sales tax. The two taxes make up half of the district's annual revenue, and property taxes brought in 20 percent less than in 2009-10.

The district saw a silver lining in increased sales taxes, which account for a quarter of its revenues and were up 5 percent. Hotel room tax collections also were up 13 percent. They account for a small fraction of district revenue, but it still points to economic improvement.

For the district to see a rejuvenated revenue stream, Clark County property values need to recover.

So where did the district stand at the end of last school year despite all this turmoil?

District assets exceeded liabilities by $1.9 billion at the end of 2010-11 school year, with assets decreasing by 4 percent from 2009-10.

Contact Trevon Milliard at tmilliard@reviewjournal.com or 702-383-0279.