Finances were the focus of District 203’s most recent board meeting, where administrators presented updates to the district’s five-year financial forecast.
During a November 2015 board meeting, administrators had projected a crossover where expenditures exceed revenue in either fiscal year 18 or 19. But under the revised model, the predicted crossover would not occur until 2020.
Other changes in the forecast come at the hands of the Illinois State Board of Education, which hopes to redistribute special education funds throughout the state, resulting in over a million dollar loss for 203.
But the good news is that money will be made up through the consumer price index, which was originally estimated to be at zero percent. But the actual CPI came in at 0.7 percent, resulting in an additional one point $1.6 million in revenue.
And the district is receiving $100,000 in Title One funding that they previously thought they would lose.
The board’s next meeting will be on Tuesday February 16th.
Naperville News 17’s Evan Summers reports.
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