EUREKA - At a Sept. 9 meeting, the District 140 school board passed its budget at a price tag of $15.8 million for the current fiscal year.
According to Assistant Superintendent Andy Underwood, the original budget was updated to include additional expenditures of $76,000 and revenues of $139,000. He added the state of Illinois significantly increased the amount the district will receive by about $100,000 and they have made on-time revenue distribution its biggest commitment to school districts.
“We have an unbalanced budget, but a deficit reduction plan is not required, that is because our fund balances are all very good,” Underwood said.
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The district is projecting an unbalanced budget as $550,000 expenditures over revenue, but the deficit will be managed through transfers from the working cash fund and issuing debt certificates.
See article on Sept. 19 Woodford County Journal newsstands