Follow CBSDFW.COM: Facebook | Twitter

DALLAS (CBSDFW.COM) – The Dallas County Schools Board tonight approved a retirement plan for Superintendent Rick Sorrells — paving the way for him to step down.

It was one of several decisions addressing a string of budget problems sure to impact the 15 cities and 70,000 children relying on school buses to attend classes.

“Today’s actions were crucial in moving the agency forward,” said Larry Duncan, DCS Board President. “We’ve taken steps to assure a balanced budget, and the restructuring will relieve DCS of its cumbersome debt payments. Our financial position is much stronger because DCS has refocused its mission to put “Dallas County First” on all its operations. In addition, the accounting department has undergone many changes to assure nothing like this ever happens again.”

The only remaining assistant superintendent, Leatha Mullins will take over.

“Leatha is absolutely the right person for this position at this time,” said Duncan.  “Her experience at DCS is important for a smooth transition and I’ve never seen anyone more committed to serving the students and our DCS employees. She is enthusiastic, energetic, and passionate about her work.”

The board also voted to restructure its debt and a taxation anticipation note that relieves DCS of a $14 million June bond payment. They also decided to further pursue changing the financial terms of its agreement with Force Multiplier Solutions, the firm that purchased DCS’s out–of- county school bus stop arm ticketing program.

The company is offering up a lump sum payment of $18 million but board members agreed to go back and request additional monthly payments for the assets.

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App

Watch & Listen LIVE