Post by title1parent on Aug 24, 2010 5:27:04 GMT -5
www.suburbanchicagonews.com/napervillesun/news/2630058,6_1_NA24_D204_S1-100824.article
State uncertainty makes budgeting challenging in D204
August 24, 2010
By HANK BECKMAN For Sun-Times Media
Today is the first day of school in Indian Prairie School District 204. But on Monday the board of education delved into fiscal matters for next year.
"Quite a challenging year at that," Assistant Superintendent of Finance Dave Holm said in presenting a tentative budget for the next fiscal year to the board Monday at its regular meeting.
The tentative budget shows a beginning fund balance of approximately $87 million with expenditures projected to outstrip revenues by about $9 million by next summer. But the deficit really represents an amount the district doesn't feel comfortable spending before the state's new budget becomes reality.
In March the governor signed a budget with a GSA Foundation level funding for each student at $5,669; his new budget in July raised the GSA level to $6,119.
But since the state still owes the district about $6 million, which the district doesn't expect to see until December, the decision was made to budget for the increase, but not spend the money.
Other features of the state's new budget are reducing grants and categorical funding by almost $300 million, while leaving the matter of the $3.7 million pension payment due up in the air.
The recently passed $10 billion federal jobs bill, with about $965 million slated for Illinois, will also have some effect on education throughout Illinois. District 204 is scheduled to receive about $1.95 million, but like the increase in the foundation level from Illinois, the district is not earmarking the money for anything before it sees the specific numbers and has the money in hand.
Other goals for the district include maintaining a fund balance to revenue ration of at least 25 percent. This year's ratio is already 30.6 percent, and although the figure doesn't include the money scheduled to come, it would still meet the 25 percent goal. Next year the ratio is actually estimated to improve.
Before unanimously approving the tentative budget, the board approved restoring some $241,000 slated for reading assistance programs.
Holm stressed that the entire process was fluid and subject to change, depending on whether "the state gets their act together ... that's why we are being conservative."
The final board meeting on the matter is scheduled for Sept. 27.
State uncertainty makes budgeting challenging in D204
August 24, 2010
By HANK BECKMAN For Sun-Times Media
Today is the first day of school in Indian Prairie School District 204. But on Monday the board of education delved into fiscal matters for next year.
"Quite a challenging year at that," Assistant Superintendent of Finance Dave Holm said in presenting a tentative budget for the next fiscal year to the board Monday at its regular meeting.
The tentative budget shows a beginning fund balance of approximately $87 million with expenditures projected to outstrip revenues by about $9 million by next summer. But the deficit really represents an amount the district doesn't feel comfortable spending before the state's new budget becomes reality.
In March the governor signed a budget with a GSA Foundation level funding for each student at $5,669; his new budget in July raised the GSA level to $6,119.
But since the state still owes the district about $6 million, which the district doesn't expect to see until December, the decision was made to budget for the increase, but not spend the money.
Other features of the state's new budget are reducing grants and categorical funding by almost $300 million, while leaving the matter of the $3.7 million pension payment due up in the air.
The recently passed $10 billion federal jobs bill, with about $965 million slated for Illinois, will also have some effect on education throughout Illinois. District 204 is scheduled to receive about $1.95 million, but like the increase in the foundation level from Illinois, the district is not earmarking the money for anything before it sees the specific numbers and has the money in hand.
Other goals for the district include maintaining a fund balance to revenue ration of at least 25 percent. This year's ratio is already 30.6 percent, and although the figure doesn't include the money scheduled to come, it would still meet the 25 percent goal. Next year the ratio is actually estimated to improve.
Before unanimously approving the tentative budget, the board approved restoring some $241,000 slated for reading assistance programs.
Holm stressed that the entire process was fluid and subject to change, depending on whether "the state gets their act together ... that's why we are being conservative."
The final board meeting on the matter is scheduled for Sept. 27.