School district subcommittee reviews draft 2014 budget
Posted By Brandon Reid On December 26, 2012 @ 5:57 am In Local News, Online Exclusives | No Comments
Staff Report
The Budget and Finance Subcommittee of the Rockford Public School District (RPS) reviewed a first draft of the Fiscal Year 2014 budget at its Dec. 18 meeting.
The $411 million draft budget shows a 2 percent gap between spending and revenues. However, this is not only a snapshot, it’s an early snapshot.
The budget is still a work in progress, according to RPS Chief Financial Officer Cedric Lewis. Administrators are confident a balanced budget can be reached in the six months before the school board must give the document final approval in June.
For FY ’14, $411 million in spending is projected compared to $390 million in revenues. Several factors are at play in the $21 million gap, including the following:
• The district committed to spend down the “designated” capital reserves by $12 million in capital investments, approved overwhelming by voters in November.
• State revenue projections are highly conservative estimates. Because of increases in enrollment, that revenue could grow.
• Current revenue does not include increases in the Consumer Price Index (CPI). By law, the district could have included the CPI in its property tax levy. The school board in late November gave relief to the taxpayers and did not include the increase in the levy. In addition, the board made good on a promise and reduced the levy by the 58 cents approved by voters in 2006. That reduction also was not required by law.
• The district is seeing a $4 million reduction in state aid for transportation.
Over the next months, administrators will look diligently for operational efficiencies at the administrative level while maintaining student services. School leaders remain committed to the district’s Readiness Rocks initiatives, including more early childhood education and a longer school day in the elementary, middle and high schools.
From the Dec. 26, 2012-Jan. 1, 2013, issue
Article printed from The Rock River Times: http://rockrivertimes.com
URL to article: http://rockrivertimes.com/2012/12/26/school-district-subcommittee-reviews-draft-2014-budget/
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