2 years, 5 months ago by Bob Gough
State cuts District's PPRT by more than $500,000
The Quincy School Board Finance Committee heard of some changes to the School District’s budget, which is scheduled to be voted on next week.
At this morning's meeting, Business Manager Joel Murphy said the State of Illinois has informed the District it will reduce its annual PPRT payment by $534,011, dropping the revenue to just under $3.9 million.
And the District is also seeing a $395,854 increase to employee benefits over the original estimates.
As a result, the District is cutting $364,005 from the Education Fund and from Capital. It is also reducing the amount budgeted for tuition and other payments by $230,566 and reducing the Operations and Maintenance budget by $207,215.
The district did receive an increase in federal revenues of $266,795, primarily from increases in Title I Funding.
The revisions put the 2012-2013 budget at $69.4 million. The budget will be voted on during a special Quincy School Board meeting at 8 a.m. on Wednesday, September 26 at the Board Office. The School Board will meet in regular session tomorrow at 7 p.m at Baldwin Intermediate School.
The District also has to put money into the self-insurance fund in order to keep the fund balance at $650,000, per the auditor’s recommendation. The Committee recommended moving $125,000 from the Education Fund, $50,000 from the Transportation Fund and $50,000 from the Building Fund to put the fund balance at that mark.
Murphy said the balances tend to be lower this time of year because many teachers wait until summer to have procedures done and they also get them in before October 1, which is the start of the new insurance cycle when deductibles reset.
The money is normally repaid from the self-insurance fund during the winter months.