GIBSON CITY — Board members have approved a tentative budget that shows a projected total operating funds deficit of $1.3 million.
According to Superintendent Anthony Galindo's projections, nearly one-third of that deficit is due to lower state aid. General state aid is expected to be reduced by $427,343 in the coming year — $134,625 from lower enrollment projections and $292,717 from the state's decision to lower payments to all districts to save money.
Galindo's report showed a three-year total of $1.1 million lost in state aid.
The district has been operating at a growing deficit since the 2011-12 school year. The actual operating fund deficit for fiscal year 2012 was $328,547 and $440,155 for fiscal year 2013 which ended June 30.
Galindo said the good news is that the district's assessed valuation continues to increase each year, mostly due to farmland values. A total of $111.17 million in taxable valuation is projected for 2014, an increase of $3 million over the actual 2013 valuation of $108.16 million.
A budget hearing was set for 6 p.m. Sept. 19, before the board's regular meeting.