BURNSVILLE, Minn — STEP Academy officials said the school is taking steps to pay off its debt after letting go teachers, administrators, and people who worked in operations to balance their budget.
“We’re very sad we had to reduce our budget based on our enrollment but that was a necessary step so that we could stay financially secure,” said Paul Scanlon, STEP Academy’s chief operations officer.
Scanlon corrected a statement made by the St. Paul charter school's finance director on Monday who said the school has an operating budget deficit of $2.1 million.
“It’s projected by the end of the year that it will roughly - 2.1% of our overall budget. It’s not 2.1 thousand or 2.1 million,” Scanlon said.
He said that’s roughly $275,000, which is how much debt the charter school will have by the end of the academic year.
“Through careful financing, we’ve been able to pay off some of our debt and get that number lower and lower,” he said.
Scanlon said under the Minnesota Department of Education, a school must be at least -2.5% to be considered in statutory operational debt.
The newly elected board started on Monday. Scanlon said there was some confusion about their appointment, but he said the plan was to seat them at their annual meeting on Oct. 21. He said all of the new board members were elected to their positions.
“Candidates nominated or being nominated for the positions to expand the expertise and size our of board took several weeks of getting the nominations and having ballots prepared,” he said.
The board unanimously voted to accept Superintendent Mustafa Ibrahim’s resignation. He said his last day will be Nov. 4. In his letter, he said “my time leading STEP Academy has been the most rewarding period of my career.”
Scanlon said they will not be looking for an immediate replacement.
“At this time based on our finances, based on the strength that we’re seeing from our two principals on both sites, we feel like we can cover many of those components and then we would look to post for the 25-26 school year,” he said.
The board also approved an Ad Hoc committee’s report on the job description of the superintendent of educational services for when they do hire someone for that role.
The board unanimously voted to postpone filling two school board vacancies until they have appointed a chair, vice chair, secretary, and treasurer. They’ll discuss it again at their next meeting, and possibly decide how they want to fill those seats.