Unit 7 finishes year with slight deficit
TOLONO — The Unit 7 school district ended the 2012-13 school year with a deficit.
The district ended the year in the red to the tune of just under $68,000 in the education fund, Superintendent Andrew Larson told the school board this week during a district financial review.
"It's a lot better than anticipated," Larson said.
Larson added that the transportation fund is "exceptionally healthy." The Social Security, tort and Illinois Municipal Retirement funds are in the black.
Larson said the state owed the district about $627,000 for regular and vocation education transportation, but that Unit 7 received only about $446,000. Another $41,166.83 was received on July 1, one day past the end of the fiscal year, Larson noted.
Larson said there was a 16 percent increase in the cost of health insurance, which he had anticipated.
"In all funds other than the education fund, things look pretty good," Larson said. "This is the first year you've been in the red for a long time."