Schools

D-26 Places Amended Budget on Public Display

School district 26 places the amended budget on display for 30 days

School District 26 has a balanced budget.

At the beginning of fiscal year 2011, which begun on July 1, 2010 the district had negative fund balances but now due to the community passing the referendum in November 2010, the projected year end fund balance is $5.1 million.

However, about $3 million are funds associated with the Bond and Interest fund, which can only be used to pay expenditures related to bonds and long-term liabilities.

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When the district filed their budget in fall 2010, there was a surplus of $96 before the referendum.

T.Ferrier, Director of Finance and Operations, said there will be a surplus of $9,881 in the amended budget, which does not include proceeds of the working cash bonds because the state does not recognize bond proceeds as regular revenue, so those funds are placed under the “Other Financing Source" category.

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Earlier this week, the Board of Education passed a resolution, which places the amended budget on display for 30 days at the , 2115 Crystal Lake Rd.

At the regular Board of Education meeting planned for Apr. 25, there will be a public hearing on the amended budget followed by a board vote to adopt the amended budget and if adopted, the board plans to file the amended budget with the county clerks and the Illinois State Board of education on May 25. 


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