Fairfax schools projecting $150 million shortfall

Fairfax County Public Schools are facing a $147.9 million budget shortfall next year, the largest hole even senior school board members can recall, as rainy day funds dry up and teacher compensation and student enrollment become more burdensome.

The county’s schools are poised to enter fiscal 2014 with $38.6 million less than the current year, while more students and higher payouts for retirements and health insurance mean $23.1 million in extra expenses. Add another $86.2 million in pay raises, cost-of-living increases and pension costs for school employees.