BOARD APPROVES DISTRICT FINANCIAL PLAN FOR STATE BOARD OF EDUCATION

Plan Includes Reduction and Referendum Contingencies

Board Also Approves Resolution for Cuts in FY 2011

On December 16, 2009 at 1:00 PM, Board of Education President, John Wood, and Superintendent, Dr. Tim Ricker, presented financial information to the Illinois State Board of Education Finance and Audit Committee of the Whole, in Springfield. The District was invited to Springfield by Ms. Deb Vespa, as a part of the School Finance Division of the State Board of Education to discuss the district's financial position, the borrowing of Tax Anticipation Warrants, and how they plan on addressing the financial outlook for the near future.

Mr. Wood and Dr. Ricker were introduced to the committee and presented a power point presentation that included the following: Financial History of the District; Current Status of the District; Deficit Reductions Planned in FY2010; Reductions Tentatively Planned for FY 2011; Tentative FY 2011 Balanced Budget Plan including Revenue; and Enhancements or Deficit Reductions

To view the power point presentation click on this link:

Illinois State Board of Education: Finance and Audit Committee Presentation 12/16/2009

The Illinois State Board of Education certified District 113A as "in financial difficulty" on December 17, 2009. Once certified, District officials had until February 1, 2010 to submit a Financial Plan outlining how the district would address its financial situation over the next 3 years. Dr. Ricker, Superintendent, along with other District office personnel, presented a draft plan to the Board that included both a 45 cent limiting tax rate increase budget for FY 2011and a FY 2011 budget that includes approximately $3.5M in reductions that would cover any deficit spending and provide for future fund balances over time. The Board approved the draft plan by a vote of 4-2 directing the Superintendent to submit the plan, as presented.

To view the District approved draft STATE FINANCIAL PLAN with all supporting documentation, click on this link:

STATE FINANCIAL PLAN

This plan was electronically submitted to ISBE, with hard copies to follow, on January 29, 2010. It is anticipated that the State Board will review this plan in March.

Additionally, the Board approved a RESOLUTION directing the administration to begin planning the FY2011 budget with reductions equal to that projected in the District's State Financial Plan. This action was taken should the 45 cent limiting tax rate referendum be unsuccessful. The Board would need to begin work on staffing and budget considerations immediately, while waiting for the State Financial Plan to be considered by the State Board of Education. To view that Resolution click on this link:

RESOLUTION DIRECTING EXPENDITURE REDUCTIONS

Should you have additional questions or are in need of additional information please contact the Superintendent's office at 630-257-2286.