SUWANEE -- The school board got a glimpse Thursday at the Fiscal Year 2013 budget, an update that showed a projected $89 million deficit if trends continue.
Chief Financial Officer Rick Cost presented the numbers during the monthly regular work session, outlining the areas in which money could fall short in the future.
Cost said the numbers are based on the growing population of Gwinnett County Public Schools as well as a shrinking tax digest.
He said the projected shortfall was based on the FY 2012 budget of $1.7 billion.
With a combination of cuts from the state and declining tax revenues, "we're going to need almost $90 million to continue."
He said the projection "assumes that we continue to get the money we're currently getting from the state right now."
He added that a continued decline of Gwinnett County's property tax digest values by more than 7 percent, or $36 million, played a large part.
The projected shortfall anticipates a loss of the remaining federal stimulus funds that were used to balance the FY 2012 budget.
In addition, increased costs for retirement and employee benefits will negatively impact the district's budget.
Said Cost: "The state used to supplement the cost of those employees. They've cut that out of the budget."
Cost said funding new teachers for the estimated growth of the student population could set the district back another $4 million.
The board could discuss in upcoming work sessions how best to handle the shortfall.