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Local

DeKalb School District 428 Board approves deficit budget, bond restructuring

DeKALB – The DeKalb School District Board recently approved a budget nearly $1 million in the red, drawing no public comment.

A budget for fiscal 2018 and the second leg of a multiyear bond restructuring plan were some of the items approved during District 428’s board meeting Tuesday.

Both items were approved without opposition by a 5-0 vote. Board members Rick Smith and Valerie Pena-Hernandez were not in attendance.

Although a public hearing on the budget had been scheduled before the vote, no one from the audience commented on the plan, which would leave a $908,000 operating deficit, according to D-428 Business and Finance Director Cindy Carpenter.

A tentative budget was presented to the board during its Aug. 1 meeting, but it did not include an $844,000 increase in state funding from the new school-funding formula signed into law in August.

One of the potential revenue sources not factored into the budget was the more than $2.1 million the district hasn’t received from the state for fiscal 2017 categorical payments.

Carpenter said that if additional funds were to open up after the budget’s passage, the district could vote to amend the budget, which would be the same process.

The board also approved without opposition the restructuring of $17.8 million of the district’s $108 million bond debt taken on in 2008. This measure is anticipated to prevent future debt payments from spiking.

The Finance Facilities Advisory Committee had reviewed the refinancing Sept. 14 and gave their recommendation for the proposal.

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