STERLING – The Sterling School Board's preliminary fiscal year 2014 budget shows a deficit, but it's a deficit that's shrinking, as planned.
The School Board's budget is entering the third year of a 3-year plan to reach a balanced budget, Superintendent of Schools Tad Everett said. The 2013 fiscal year budget showed a $3,194,425 deficit, and the fiscal year 2014 preliminary budget showed a $1,653,685 deficit.
However, three of the four funds showing a deficit, Illinois Municipal Retirement Fund/Social Security, capital projects and fire prevention and safety, will have their deficits covered from previously established reserves, Director of Finance Tim Schwingle said at last week's school board meeting.
The fourth fund showing a deficit is the education fund, which shows a $252,690 deficit, reduced from a $1,259,665 deficit in fiscal year 2013. The education fund's operating budget is $29,530,455, and the preliminary budget shows $29,277,765 in revenue.
The preliminary budget was unanimously approved during the board's Aug. 14 meeting, and will be on display at the district office, 410 E. LeFevre St., leading up to a public hearing Sept. 25.
The Sterling School Board next meets at 6 p.m. Sept. 25 at the Sterling High School library, 1608 Fourth Ave. The meeting begins with a closed session, and the open session starts at 7 p.m.
Go to www.sterlingpublicschools.org call 815-626-5050 for an agenda or more information.