Recession hits Levy school operations

Levy County’s largest service business has been hard hit by economic downturn.

The board that oversees the operation has been advised that its assets valued at $2,427,803,027.00 just last year have slipped in value by 7 percent and will slide a total 18 percent by the end of next year.

That means the revenues are likely to drop by as much as 50 percent at the current rate of return on those assets. The out-of-town parent business has told the local unit it cannot provide an infusion of cash because the overall income is down, dragging down its revenue picture.

The Levy County operation is on its own to find a solution. But there’s more bad news.

The dim financial forecast says the customer base is shrinking as well. The shrinkage will continue through next year.

Reserves have been spent down. Capital funding that could be transferred to operations, was moved. But there’s nothing left to draw down.

“That strategy is not sustainable,” the chief financial officer said.

Every expense has been examined and cut. A four-day week has been considered.

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