Schools
Chelsea Schools Use $600,000 Fund Equity to Balance Budget
An amended budget for the 2012-2013 academic year was approved by the Chelsea School Board at its meeting Monday.
The Chelsea School District Board of Education approved an amended budget to cover the district's operating expenses at its meeting on Monday.
According to Heritage Newspapers, the amended budget includes $600,000 of the district's fund equity to help cover the cost of employment retirement.
The original budget approved in June was based on the state’s promise that the retirement rate would remain at 24.46 percent. However, retirement costs went to 27.37 percent for four months in 2013, and the cost will rise to 25.74 by December.
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