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JULY 17, 2024
VOL. 105, NO. 29
Seattle Public Schools approves 2024-2025 school year budget; deficit cut to $94M
By Spencer Pauley The Center Square
Courtesy of Lemonade Standers Seattle kids get excited when they earn their first dollar and start to build their business experience at their first lemonade stand.
Seattle sisters teaching financial literacy one lemonade stand at a time By Laura Marie Rivera
Lemonade Standers co-founders Julie Bennett (right) and her sister Emily French stand by their children’s lemonade stand in Magnolia.
While some families teach their children about money using an allowance, Lemonade Standers teaches kids about how business and money work through play and games. And by practicing through the games, they also build important skills like strategic thinking, problem solving, and collaboration, that will serve them throughout their lives. Julie (Hecker) Bennett and Emily (Hecker) French are the co-founders of Lemonade Standers, and they also happen to be sisters. “I like to say that Emily has always been following in my footsteps,” Bennett said. They grew up in Idaho and both ended up moving LEMONADE Page 5Æ
Courtesy of Lemonade Standers
PRSRT STD U.S. POSTAGE
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SEATTLE, WA PERMIT 1271
Seattle Public Schools has adopted its budget for the 2024-2025 school year, including using a short-term loan to lower the district's budget deficit. The General Fund Operating Budget for the 2024-2025 school year is set at $1.25 billion. General fund revenue is projected to be approximately $1.3 billion for next school year, meaning total revenue does not cover the district’s planned spending. As a result, the district is utilizing a loan to cover the deficit. The district is taking out a short-term loan totaling $27.5 million to help balance the budget for next school year. The loan will have to be repaid by the end of June 2026. Seattle Public Schools faced a projected deficit of $104 million for the 2024-2025 school year. The district cites insufficient funding from the state, a decline in enrollment, and previous staffing decisions as the primary reasons for the structural shortfall. With the new budget adopted, the projected deficit for the 2025-2026 school year is approximately $94 million. The budget deficit was at $131 million in the last school year. Seattle Public Schools still intends to consolidate 70 elementary schools into approximately 50 K-5 sites, with 10 per region after the 2024-2025 school year. According to the district, closing a school could save Seattle Public Schools between $750,000 to $2 million. Enrollment at Seattle Public Schools since the COVID-19 pandemic has continued to decrease. The district had 49,197 students enrolled in the 2023-2024 school year. It is projected to decrease to 48,329 next school year. District enrollment peaked in 1964 with 94,042 students throughout 117 buildings. SCHOOLS Page 3Æ