The Elk Grove Township Elementary District 59 school board this week adopted a $100.8 million spending budget for the 2013-14 academic year, which reflects an estimated $6.1 million deficit across all funds, officials said in a news release.
The district's revenues are projected to be $94.7 million. The deficit is primarily due to acquisition of property next to the Administration Center, increased staffing, the purchase of new language arts and Gateway to Technology materials, expanded professional development, and technology as part of a four-year replacement cycle. The district will use existing fund balances to cover those additional costs, officials said.
The district's debt retirement obligation for 2013-14 is $3.2 million, a decrease of $1.7 million. Revenue estimates also include a $1.8 million loss in property tax revenue as a result of property tax refunds issued for reduced assessment appeals. The final budget may be downloaded from the District 59 website at ccsd59.org.Copyright © 2014 Paddock Publications, Inc. All rights reserved.