PRINCETON — Princeton Elementary School District continues to face challenging financial times.
At Monday’s meeting, the PES Board heard from auditor Joel Hopkins who reviewed the district’s Fiscal Year 2013 audit, saying revenue was down and expenses were up for the year.
The audit shows the district received $10,104,546 in total revenue for FY ‘13 which was about $250,000 less than received the prior year. Total operating expenditures for FY ‘13 were $11,136,486, which were up about $345,000 from the prior year.
Looking at some specific line items, Hopkins said fees, lunches and texts were down by $85,000 from the prior year, due primarily to transportation fees collected from other districts. State aid and grants were down about $160,000 from the prior year, which represented a decrease in transportation and Early Childhood funding. However, the decreases were offset by a $50,000 maintenance grant and an increase of $60,000 in general state aid. Federal aid was up $70,000 from the prior year.
Summarizing, Hopkins said FY ‘13 ended with a net loss of $1,031,940 for the year. However, due to the $3 million issued in bonds, PES ended its fiscal year in a final excess of approximately $1.2 million, Hopkins said.
According to Illinois State Board of Education calculations, PES has been placed on the financial warning profile designation, as it was last year, Hopkins said.
Looking at other areas covered in the audit, Hopkins said the state of Illinois did better this past year in catching up on its back payments to the district. As of June 30, 2013, the state owed the district $256,852, compared to the $633,000 owed the district on June 30, 2012.
Looking at the district’s tax levy rate, Hopkins said the rate “hasn’t changed hardly at all,” remaining in the 2.54 to 2.55 range for the past three years.
As far as average daily attendance, on which general state aid is based, PES had an average daily attendance of 1,104 students in 2013, compared to 1,155 students in 2012. The expenditure per student was $8,846 in the 2013 year, compared to $8,163 in 2012. The increase in expenditure per student was due to the decrease in student population at PES, Hopkins said. The state average expenditure per pupil is $11,457, he added.
Overall, the audit for PES was very clean and very well put together, Hopkins said.
After approving the 2013 audit as presented, the board addressed and adopted the 2014 budget, which also shows more expenses than revenue for the year.
The FY ‘14 budget shows total projected revenue of $12,614,030 for all funds with total budgeted expenses of $14,481,077 in all funds. However, with a starting balance of about $3.5 million at the beginning of the 2014 fiscal year, the district projects to end its 2014 fiscal year, on June 30, 2014, with an ending balance of $1,632,997.
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