Report: Some Charter Schools Struggling Financially
MIAMI – Some charter schools in the state of Florida are struggling to pay their bills, according to a new report by the state auditor general.
According to the report, 12 percent of Florida charter schools ran deficits during the 2011-2012 fiscal year and about 25 schools had what was said to be “material weakness” in financial controls, The News Service of Florida reported.
The report said 58 of 499 charter schools that filed reports had deficits at the end of the fiscal year, an increase from about 6 percent of schools that ran deficits during the previous year.
The deficits during the 2011-12 fiscal year varied widely, but averaged nine percent, the report said.
The 25 schools found to have “material weaknesses” showed problems such as incorrect accounting treatment of transactions and inadequate separation of financial duties among school officials.
The report also showed that the largest concentrations of charter schools during 2011-12 were in South Florida, with 109 in Miami-Dade County, 73 in Broward County and 35 in Palm Beach County.