LCS projecting $17.7 million budget deficit - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
January 30, 2024 Newswires
Share
Share
Post
Email

LCS projecting $17.7 million budget deficit

News & Advance (Lynchburg, VA)

Facing both estimated increases in utility and health insurance costs and the upcoming loss of CARES funding, Lynchburg City Schools officials are grappling with a $17.7 million budget deficit, according to Superintendent Crystal Edwards preliminary fiscal year 2025 budget presentation.

With that number looming, budget conversations already have been tense between LCS administration and school board members. Edwards has a Jan. 31 deadline to give a preliminary funding request to the city for its budgeting purposes, and another budget discussion is on the board's agenda for tonight's meeting at 5 p.m. in the School Administration Building, 915 Court St.

In March, the board will host a second public hearing before adopting a preliminary budget by the end of the month. During that time, Lynchburg City Council will consider the school board's budget request and then around May will adopt a city budget with a set funding amount for the schools. Council must have a budget adopted before the end of the fiscal year, June 30.

That order of operations was a point of contention early in the School Board Finance and Facilities Committee's meeting Friday.

"When it was already in the wind that we were going to get level funding, I'm just wondering why the budget wasn't created with that in mind to begin with," board member Christian DePaul said.

Level funding means the school board would receive the same amount of money from the city as in fiscal year 2024 (currently ongoing): $37.4 million plus $1.9 million held in contingency by city council.

"... I just want to know when it was confirmed that we are getting level funding," Edwards asked. DePaul said there has been no official communication from the city to that end.

"I'm just wondering why. It comes in at $17.7 million above what we had last year for the status quo, it just doesn't make sense to me," he said.

LCS is building its budget based on Gov. Glenn Youngkin's recommended biennium budget, released Dec. 20. Assuming level funding from the city, the division is projecting $108.3 million in overall revenue. "Status quo" expenditures total $126 million, according to the division, leaving a $17.7 million deficit.

About $9.4 million of that deficit is CARES-funded programs and positions. Temporary COVID-19 relief monies, CARES funding expires this fiscal year.

The division is also expecting $2 million in higher utility costs and $4.7 million in additional health insurance costs, plus $1 million less in state revenue from the governor's proposed budget.

Administration has proposed options to close that gap, starting with $9.5 million in "division-level" cuts: 50 to 100 positions, including division-level administrators; CARES-funded programs and services including funding for LCS's virtual academy and restorative suspension center; and increasing employees' health insurance premiums among other measures. Administration is working with principals to identify another $5.2 million in "school-level" cuts spread out across all schools.

"We've got temporary money being used for fixed costs and I think the time has come where we live within our means," board chair Atul Gupta said, adding he thinks the board shouldn't pick and choose among CARES-funded programs to keep.

Edwards' recommendation to the board is to request $42 million from the city — a $3 million increase that with the $14.7 million in cuts would balance the division's operating budget. It also involves a request to city council for the $1.9 million contingency to be moved into the instruction budget separate from the $3 million increase.

"I have to cut operating positions to make this work. I am where I was in 2020 where the board said 'we don't want to do that right now, let's just use CARES funding.' We were always facing a cutting of positions," she said.

Older

Is it time to supplement long-term care insurance?

Newer

Celina Insurance Group employee earns designation

Advisor News

  • Why timing the market is still a retirement mistake and what to do instead
  • Business owners may be overlooking a key part of their financial picture
  • How smart investments prepare clients for inflation
  • Amid slew of corporate tax ideas, Newsom chose one likely to hit people’s premiums
  • The biggest risk to your clients’ financial plans isn’t market volatility
More Advisor News

Annuity News

  • Best’s Special Report: U.S. Life/Annuity Industry Sees Bottom-Line Growth Despite 18% Decline in Total Income in First-Quarter 2026
  • Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
  • Fortitude Re Completes $500 Million FABN Issuance
  • Reframing retirement income for greater certainty
  • Jackson Introduces Dow Jones Industrial Average Index Option, Flexible Premiums, Six-Year Rate Guarantee in Latest Registered Index-Linked Annuity Launch
More Annuity News

Health/Employee Benefits News

  • OC supervisors would be removed from CalOptima board under California bill
  • Centene offers employee buyouts as insurance rolls shrink
  • Studies from University of Illinois Chicago in the Area of Chronic Kidney Disease Described (Hyperkalemia and its treatment: real-world evidence and managed care considerations supporting use of potassium binders): Kidney Diseases and Conditions – Chronic Kidney Disease
  • New Findings Reported from American Dental Association Describe Advances in Managed Care (Medicare Advantage Dental Benefits: Comprehensive Coverage Available In Fewer Than Half Of US Counties): Managed Care
  • REPORT: 2M Illinoisans face $500 cut as Social Security faces cliff
More Health/Employee Benefits News

Life Insurance News

  • An Application for the Trademark “LIFE INSURANCE THAT ENHANCES LIFE” Has Been Filed by Pacific Life Insurance Company: Pacific Life Insurance Company
  • AM Best Assigns Issue Credit Rating to Sammons Financial Group, Inc.’s New Senior Unsecured Notes
  • How much money do Connecticut residents need to retire comfortably?
  • Advocates: Life insurers potentially missing millions of deaths annually
  • How much money do Connecticut residents need to retire comfortably?
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Maximize Your FIA Case Results
Learn a repeatable process to review, reposition, and present FIA opportunities with confidence.

Aim higher during Annuity Awareness Month
Raise the bar with our diverse portfolio of Ascend annuities, backed by superior financial strength

You Could Be Losing Up to 20% of Your Commissions
GreenWave helps you find, fix, and prevent commission errors.

True Independence Means Having Choices
Cambridge offers flexibility, stability, proven tools—no private equity strings attached.

Life moves fast. Your BGA should, too.
Stay ahead with Modern Life's AI-powered tech and expert support.

Looking for stronger rates, amplified growth & real results?
Sentinel's Accumulation Protector Plus℠ Annuity is for clients wanting more from retirement planning

Press Releases

  • Prosperity Life GroupSM Launches Prosperity PathWaySM Series, Bringing Greater Choice and Flexibility to Retirement Income Planning
  • Senior Market Sales® Fortifies Annuity Reach With Acquisition of Retirement Planning Firm Stratton & Company
  • RFP #T01625
  • Rockwood Programs Appoints Kerry Ladouceur as Vice President, Financial Lines
  • JP Insurance Group Launches Commercial Property & Casualty Division; Appoints Joe Webster as Managing Director
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet