The DeKalb County School Board is essentially saying that “accounting oversights” resulted in a deficit of more than $30 million from their 2007 $513 million Splost. It seems no one planned for $21 million in bond interest payments that are soon coming due.
That problem, plus a cost overrun of **$10 million** at one high school, will result in eliminating dozens projects at many schools.
And it’s just an amazing (amazing) coincidence that this problem has come to light JUST AFTER the DeKalb School Splost was renewed (Nov. 8, 2011).
Ty Tagami offers his report in today’s AJC:
“The projects were at the end of a five year sales tax-funded construction program that expires this summer. The Special Purpose Local Option Sales Tax that began in 2007 was to generate $513 million, but, because of accounting oversights discovered recently, will actually come to around $508 million.
That’s only a small part of the problem. The biggest problem: no one set aside money to cover $21 million in bond debt interest payments that will soon be coming due.”