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Talking revenue/expenses

PES takes another look at finances

PES takes another look at finances

PRINCETON — The Princeton Elementary School Board has approved a 2013 fiscal year budget, which shows an end-of-the-year balance in all funds of more than $2.7 million.

At Thursday’s meeting, Superintendent Tim Smith reviewed the budget, which actually shows deficit spending in the education, building, transportation, IMRF, Tort and life safety funds for the 2013 fiscal year. However, thanks to positive ending balances in all individual funds for the 2012 fiscal year, the FY ‘13 budget shows a positive ending balance, as of June 30, 2013, in each of the eight funds.

Total revenue in all funds for FY ‘13 is projected at $15,016,583 with total expenditures projected at $14,034,029. The end-of-the-year total balance, as of June 30, 2013, is projected at $2,745,928.

After a public hearing on the proposed budget, which no one from the public attended, the board approved the budget as presented during the board’s regular meeting.

In other financial news at Thursday’s regular meeting, auditor Joel Hopkins reviewed a summary report on the 2012 fiscal year numbers.

Combined revenue for all funds for the 2012 fiscal year, on an accrual basis, was $10,329,466 with total operating expenses of $10,791,710, resulting in an operating loss of about $462,000 prior to the district’s bond principal, Hopkins said. On the accrual basis, the district had a net operating loss of about $1.1 million for Fiscal Year 2012, he said.

Overall total revenue for the district was down about $400,000 in the 2012 fiscal year from the prior year, Hopkins said. Looking at individual line items in the revenue, Hopkins said PES received about $3,002,000 in state aid and grants, which was down about $125,000 from the prior year. PES also received about $571,000 in federal aid, which was down $325,000 from the prior year.

The state of Illinois still owed PES $633,000, at the end of the 2012 fiscal year, which is better than the $1.4 million owed the district by the state at the end of the 2011 fiscal year, Hopkins said.

As of June 30, 2012, PES had an audited cash balance on hand, in all funds, of $1,763,00, which was a decrease of $1,088,000 from the end-of-year balance for the 2011 fiscal year.

Since direct revenue was less than direct expenditures for PES, the state will require the district to implement a deficit reduction plan, Hopkins said. However, with the board planning on issuing up to $3 million in working cash bonds by the start of the new year, the added revenue will improve the PES financial picture greatly, he said.

In other information, Hopkins said the average daily attendance for the 2012 fiscal year was 1,155.8 students, up about seven students from the prior year, and the expenditure per student was $8,163, which is less than the state average.

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