BOARD OF EDUCATION APPROVES BALANCED BUDGET FOR FY11

District Will Submit Amended Financial Plan to State and Run a Referendum in November

At a special meeting held at OQ Middle School on August 16, 2010, the District 113 A Board of Education approved a balanced budget for the 2010-11 school year. This is the first balanced budget for the district in over 10 years. The Board of Education approved a balanced budget that included over $3.5 million dollars in staff, program and student program cuts. The budget also shows reductions in supplies and materials, purchases as well as limited expenditures in maintenance and facility up keep and cleaning. On the revenue side of the budget a very conservative approach is being implemented. "It is still unclear as to how much money we will receive from the State of Illinois," suggests interim treasurer Jay Tovian. "So we are being conservative and will continue to live within our means. Once we have a better idea from the state on revenue we will adjust our budget accordingly. With that said we still do not have additional revenue to reinstate any cuts in staff, programs or student experiences."

Overall the district is progressing well in its plan to stabilize the district's finances. “We are pleased we are fulfilling our State approved financial plan and this is one more step in securing a positive financial future for the district,” comments Dr. Tim Ricker, Superintendent. "Our next challenge is to stop borrowing money for cash flow and apply our new financial policies to ensure we are solid."

The Board of Education approved a ballot measure on August 9, 2010 to be sent to the public at the general election in November. This ballot question asks the public to approve $8,000,000.00 in working cash bonds to enable the district to have enough cash on hand to eliminate the need to borrow tax anticipation notes for cash flow purposes. “The working cash bonds will help to finally stabilize the district. Working cash bonds will also allow the district to avoid finance charges from borrowing money and at the same time earn interest income when the bonds are sold and the money is invested.

While stabilizing the district, if approved, the working cash bonds will not bring back any of the programs for the district or positions eliminated last spring,“ adds Superintendent Ricker. “In order to plan for the future we will need to ask the public to tell us what they would like this school district to be now and into the future.“ In order for programs and staff to be reinstated, additional revenue will need to be approved by the public sometime in the future. Funding our future will need to be a priority in our conversations with our parents and patrons.

For now living within the FY 11 budget and following the state financial plan is foremost on the minds of district officials and the Board.

If you would like more information on the district’s budget click here FY 11 Budget:

10-11 Budget

If you would like more information on the November Working Cash Bond Referendum click here:

Resolution for Proposition of Issuing Working Cash Bonds

07-23-10 Referendum Scenarios

08-09-10 Cash Projections