Arcola CUSD 306 finance committee deems funding adequate despite state troubles
To discuss its tentative fiscal year 2017 budget along with five-year financial projections, the finance committee of Arcola Community Unit School District #306 met on March 7 at 351 W. Washington St., Arcola.
Following customary procedures -- including the public comment session and routine discussion items -- board members Jim Crane, Chad Strader and Robert Arrol listened as Superintendent Tom Mulligan presented a comparison between the current district budget for the 2015-16 school year and the tentative budget for the following school year (2016-17).
Mulligan provided a breakdown between operating funds, such as education, O&M, transportation, IMRF, tort and working cash, and facility-related funds, which include bond and interest, capital improvements and life safety.
For the purpose of comparison, figures of revenue minus expenses were shown for the 2015-16 school year balance; 2016-17 school year balance; operating funds; facility-related funds; and combined figures.
Mulligan also presented the committee with five-year financial projections that included a specific breakdown of revenue and expenditures in each fund.
Overall, he reported, the district is in good financial condition to weather the financial trouble still pervading the state level. Additional significant cuts in funding from the state could theoretically erode fund balances relatively quickly. Mulligan intends to present the FY 2016-17 budget to the full board at its March meeting.