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Superintendent presents preliminary budget as board prepares for final vote on Sept. 17
Summary
Superintendent Vincent presented the district's tentative budget, explained restricted fund balances for retirement and tort accounts, outlined a roughly $15.05 million capital projects fund (about $14.2 million from planned referendum bonds) and noted certain state revenue figures remain pending.
Superintendent Vincent presented the Galena City School District's preliminary budget at the board meeting, outlining why the district shows negative balances in certain restricted funds, identifying key revenue items that remain uncertain and describing the district's capital-projects plan ahead of a final adoption scheduled for Sept. 17.
"It's a balanced budget," Vincent said, adding that revenue projections are conservative where state numbers (such as corporate property tax) have not yet been released and will be updated in the coming weeks. He told the board that restricted levied funds for IMRF and Social Security are intentionally showing a red balance because those levied dollars must be spent for those purposes; he said the district expects to spend "between four and $500,000" on retirement accounts and Social Security while collecting about $138,000 into that fund in the current year.
Vincent described the Health Life Safety fund as a safety net for major building hazards, noting only hazardous or safety-identified items can be paid from that account and that recent actual spending from the fund has been minimal. On the capital side, he said the capital projects fund shows roughly $15,050,000, of which about $14.2 million represents referendum bond proceeds the district plans to sell in November or December; the 1% sales-tax revenue also flows into Fund 60 and can be used to pay debt or build new facilities.
The superintendent said the budget will be on display in the district office for public review and published in the local gazette. He reiterated that the final budget will return to the board at its Sept. 17 meeting for adoption, and that staff will update revenue figures as state allocations become available.
Board members asked clarifying questions about staffing and phasing tied to upcoming construction; the superintendent said the district will tweak revenue allocations as state numbers arrive but that the overall expenditure picture is largely known because most contracts and insurance obligations are set.
The board did not take a final vote on the budget during this presentation; the next scheduled step is the Sept. 17 meeting, when the final budget will be adopted or amended.
