By By JAMES COLLINS / Niles Daily Star
NILES -- The Niles Community Schools Board of Education approved the adoption of a budget for the 2004-2005 school year and the necessary amendments to the 2003-2004 budget.
The board adopted the same 2004-2005 budget that was presented to them two weeks earlier at the budget hearing.
The new budget, which will take effect on July 1, anticipates revenues of $32,356,100 and expenditures of $33,165,960 with $809,860 expected to come out of the district's fund equity.
Niles superintendent Doug Law said the 2003-2004 budget amendments offered some good news with a surplus of $291,740 coming from a $546,200 increase in expected revenues and a $254,460 increase in expected expenditures.
With this adjustment, the district will only have to take about $200,000 from its fund equity, leaving the balance at $2.8 million. Law said the district has originally anticipated taking about $500,000 from the fund equity for the 2003-2004 budget.
The board also approved a state aid loan resolution to borrow $4.5 million for cash flow purposes. This money will be borrowed from Aug. 20, 2004 to Aug. 19, 2005 through the Michigan Municipal Bond Authority, which pools loans from Michigan schools to get the best rate available.
Law said this is something the district had been doing nearly every year.
In other business: