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PB eliminates capital budget shortfall, defers all construction

The Palm Beach County School District has managed to balance its capital budget for next year and are no longer facing a $60 million shortfall.

On Wednesday budget officials said the growth of property values, the sale of the Burt Reynold ranch and the deferment of almost $20 million worth of construction projects helped chip away at the deficit.

All construction projects for next year have been deferred. The district sold the Jupiter Farms ranch purchased from actor Burt Reynolds more than 12 years ago for $5 million last month. 

Still, district officials said since the state Legislature failed to provide any boost to capital funds, shortfalls are likely in subsequent years.

Chief operating officer Mike Burke said he will present a tentative budget to the School Board in July.

kyi@tribune.com or 954-747-3033, Twitter: @karen_yi

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