District 99 Adopts Deficit Budget, Chips Away at Long-Term Debt
The school board approved a $77.8 million operating budget during its monthly business meeting Monday.
The Community High School District 99 Board of Education renewed its commitment to paying down long-term debt Monday with the adoption of a deficit budget for the 2012-13 school year. Board members voted unanimously to approve a $77.8 million budget following a public hearing and a brief presentation by District 99 Controller Mark Staehlin. Operating revenues are expected to be about $80.2 million, which would have resulted in a surplus of about $2.5 million. However, the district plans to transfer $2.1 million to pay down long-term debt, and another $780,000 to cover critical plumbing repairs at Downers Grove North, giving the budget an overall deficit of $400,000. The operating fund balance will be $5,165,872 by June 30, 2013, down from…
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Mark Thoman
4:11 pm on Monday, August 20, 2012
Nice to see 99 pay down more long term debt. Reducing interest-only payments is commendable. more ›