Niles Community Schools is expecting to spend about $1.2 million more than it takes in next school year.

The 2012-13 general fund budget, adopted Monday by the school board, shows revenues projected at $32.8 million and expenditures at $34 million. That means the district will have to draw $1.2 million out of its fund equity — or savings — to balance the budget.

State law requires school districts to approve balanced budgets before June 30.

Tom Skarbek, district financial manager, said the district has about $2.8 million remaining in fund equity, or roughly 8 percent of its annual expenditures. Fund equity is expected drop to about $1.6 million at the end of next school year.

According to the budget, total revenues for 2012-13 ($32.8 million) are about $1 million less than received in the previous school year ($33.9 million).

Budgeted expenses for 2012-13 ($34 million) are down around $1 million from expenditures last school year ($35.1 million).

Skarbek said the district budgeted a loss of 26 students for 2012-13, bringing its blended enrollment count to 3,831.