To offset budget cuts, school superintendent Larry Powell takes major pay cut

To save cash-strapped school districts money, one man is voluntarily slashing his income by $219,000 a year.

Fresco County Schools Superintendent Larry Powell, 63, is going to retire this month — for one day.

When he returns from his super-short retirement, he'll be rehired at a fraction of his current annual salary. Instead of taking home $250,000 annually, he'll be making just $31,000 for the next three years.

"This takes about $830,000 and sets it aside. And so if we face mid-year cuts I can have the money ready to go and it doesn't affect our employees," Powell told his local ABC affiliate.

Powell explains that he's financially secure and can afford health insurance through his wife. He's also not alone in the voluntary pay cut. He claims more than a dozen other administrators and teachers are making a similar deal.

"I've got a great retirement, I've had a great life, and the community has given to me an awful lot," Powell said. "How about giving something substantial back?"

GOOD reports that Powell gets final say in where his diverted salary ends up, some of which will likely contribute to Fresno's pre-school or art programs that are facing significant cuts.