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CONDUCTING THE FINANCIAL REVIEW <br />Initially, the review focused on preparing a peer group <br />analysis of relevant financial data to include state, fed - <br />eral, and local revenues and expenditures. Similar North <br />Carolina school systems were selected to provide a <br />baseline for comparing the financial practices of Carteret <br />County Schools. The next phase of the review con- <br />sisted of developing a clear description of the use of <br />state, federal, and local funds in Carteret County Schools. <br />MGT constructed fund summaries as well as detailed <br />descriptions of school system revenues and expendi- <br />tures were constructed using common data. These data, along with additional information collected from <br />interviews and existing school system sources, comprised the primary source of information used to de- <br />velop recommendations to address the central issues warranting this review. <br />3Q2 <br />THE RESULTS <br />Resulting analyses revealed significant potential cost - savings to the County. Our report detailed several <br />commendations and 36 recommendations, each with its own implementation plan with financial impact, <br />benefits, and operational implications. Additionally, we provided clear direction for future financial needs, <br />and guidance for interaction between the Board of Education and County Commissioners to maximize the <br />impact of local funding efforts. MGT was pleased to receive positive feedback from Carteret County <br />officials regarding overall report quality and the status of current implementation efforts. <br />Full implementation of the recommendations with quantifiable fiscal impact would generate five -year savings <br />of over $5.5 million that could be used to supplant current local funds.Through the implementation of our <br />recommendations, cost reductions and a formal budget process will be realized within the school system and <br />a better working relationship between the school system and the County Commissioners will be created. <br />TOTAL COST SAVINGS <br />The projected savings are shown below.The savings presented in this report are in 2002 -03 dollars and do not <br />reflect increases due to salary or inflation adjustments. <br />r------------- - - - - -- <br />j Recommendation <br />Allocate Costs to Child Nutrition Fund* <br />Eliminate Small Job Shop Division <br />j Eliminate Three Trade Technicians <br />Implement Energy Management Program <br />j Reduce Three Assistant Principal Positions <br />Eliminate Special Supplement for Six Principals <br />Establish a Systemwide Copier Contract <br />Establish Sponsorship Program with Soft Drink Company <br />TOTAL. SAVINGS <br />L------------------ <br />Total FiveVear Savings <br />$1,463,500 <br />$892,815 <br />$535,680 <br />$990,000 <br />$707,685 <br />$421,810 <br />$97,400 <br />$445,000 <br />$5,553,890 <br />