The state of Illinois added $214,159 in General State Aid funding to Pekin District 108, but a new formula for allocating the Corporate Personal Property Replacement Tax dollars took even more than that away from the District.
GSA funding to the District for Fiscal Year 2016 was $7,844,966. The projected 2017 GSA is $8,059,125, or $214,159 over last year. That could change in the coming months, said District Business Manager Glayn Worrell.
But, the state revamped the CPPRT formula and according to Pekin District 108 Superintendent Bill Link, that took away $384,099. The District received $3,610,825 in FY 2016. It is projected to receive $3,226,726 for the FY 2017 school year, which leaves the district $169,940 shy of last year’s revenue for the two funds. The money from the state’s change in CPPRT is now being used to fund higher education, said Link.
The District will also be repaying $400,000 over the course of this year for an overpayment in CPPRT from last year.
The District levy is expected to increase from $14,838,043 to $15,016,139, an increase of $178,096, documents show. The final figures on the levy will not come until after the first of the year and is based on Equalized Assessed Valuation.
Overall, the district expects to bring in $33,967,900 in total revenues and have expenses of $35,384,058, for a deficit of $254,334, according to District documents.
“We’ve got the beginning balance of cash carried over, of course, we budget the revenue that we think we’re going to collect and our expenditures that we want to expend, that we think we can expend,” said Worrell. “We’re looking overall at a $254,000 deficit for the year.
“That assumes we get everything we’re entitled to. That’s a big assumption.”
“And on time,” said Link. “The on-time is more of an issue than if we’ll get it.
“I believe, like with General State Aid and CPPRT, we’ll get those funds. It’s always the categorical payments that are delayed — the transportation reimbursements, the special ed reimbursements. Those kinds of funds are the ones we always seem to be lagging behind with. And again, this is just our best estimate. As we move through time, we always look for opportunities to reduce our expenditures based on what we think we’ll need to spend.”
The state still owes the District $717,984 for FY 2016 special education, school lunch program, transportation and other programs.
To help with finances this year, the district did not replace two certified staff members that retired. The staff members were not classroom teachers and not replacing them will not alter class sizes.
The budget will be on display at the District offices. The District 108 Board will vote on it in September.
Follow Sharon Woods Harris at Twitter.com/sharrispekin