PAXTON — Like many other school districts, the Paxton-Buckley-Loda school district will face a budget of red ink.
During a recent school board finance committee meeting, Superintendent Cliff McClure presented a deficit budget that will total $685,143 of red ink for fiscal year 2014, but that is less than half of the $1.68 million deficit for the fiscal year that ended June 30.
McClure said the district's budget is getting a one-year boost from wind farm revenues. By next year he expects the state to catch up to the district's increased assessed valuation and lower its general state aid payments.
McClure said he couldn't "emphasize enough" that the district doesn't have a spending problem, but rather it has a revenue problem.
He said that although the state is publicizing it "fully funded" its obligation to schools, it only did so because the amounts were prorated to be less than full funding.
He said that the state's policy of proration has resulted in a total of $1.25 million the district "will never see again."
Like many other districts, PBL school district is supporting itself with positive fund balances left over from previous years.
The budget will be available for review in the unit office until a public hearing on Sept. 18, the board's next regular meeting.