By Staff
From staff reports
NILES - The Niles Community Schools Board of Education received some good news this week relating to its budget, said Superintendent Doug Law.
The budget cutting and belt tightening the board has been doing the past two years is paying off, Law said in a press release.
A preliminary report, prepared internally by the district's finance department. shows that the district will not have a deficit budget for 2003-04.
The district has cut the budget by more than $1.5 million in the past two years, Law said. In spite of the budget cuts, the original budget called for drawing $220,000 from the fund balance.
The report shows that budget cuts made a year ago resulted in greater than anticipated savings and that the district will be able to add to its fund balance.
In addition to the budget savings the district received unexpected revenue from the collection of back taxes and increased Special Education funding from the Federal Government. Increased revenue will help improve the bottom line by $90,000.
Official audit figures will not be available until early November.
The district has a fund balance of $2.9 million or 9 percent of expenses, Law said in his press release. Statewide the average fund balance is 14 percent of expenses.
Law said none of the budget cuts will be reinstated.
Law is hoping the final audit will add $200,000 to the fund balance.
Law credited the work of the entire school staff and specifically noted the work of the Maintenance Department and Transportation Department for the turnaround.