Winston-Salem/Forsyth County Schools officials announced Tuesday that the district is now debt-free.
The district has been chipping away at a $46 million deficit for over a year through major budget cuts, extra county funding and community donations.
Just a couple of weeks ahead of the first day of school, Superintendent Don Phipps announced at a board of education meeting that they’re finally on the other side.
“I'm excited and proud to say that ... our debt is going to be completely resolved, everything retired," Phipps said. "And I'm just grateful to be able to say thanks to our community for the support that's been provided.”
Though he doesn’t have an exact figure yet, he said the district will also have a positive fund balance — aka some actual savings.
The news means WS/FCS is in a better position to pay for state-mandated teacher raises, which had previously caused concern. Since officials budgeted $4 million for debt repayment this year that they no longer need, they can use that money to help cover salary increases.