Much of the discussion this year about the finances for has not been positive. It's revolved around budget cuts that included , and .
That's why it was welcome news last week that the amended D161 budget for the 2012 fiscal year was to have a $1.7 million deficit, down from an originally forecasted $2.1 million. That savings comes thanks to accurate projected spending and an almost 2-percent increase in projected revenue, said Dean Gerdes, the district's finance director.
Much of the district's added windfall came from a refund—about $350,000—by the Lincoln-Way Special Education District 843, Gerdes said. That couldn't be factored into the original budget because the nature of Summit Hill's agreement with D843 allows it to pay back refunds to member school districts when it has the funds available, he added.
Even though it's smaller, the deficit still means the district will have to dip into its reserves to make up the difference. , the district estimated reserves to be about $19 million in June 2012.
The district is not required to do an amended budget, but that has been the practice for D161 for some time, Gedes said. Not only is it a more accurate measure of where district finances will be at the end of fiscal year, which is June 30, the amended budget is used as a critical tool in creating next year's budget, a process that already has started, Gerdes added.
The amended budget will go before the board for approval at the next meeting, May 23. There also will be a public hearing at that meeting before the vote.
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