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Jacksonville SD 117 officials warn of multimillion-dollar shortfall; sales tax tracker at $75,182
Summary
CFO Rick Cunningham reported the district is 75% through the budget year; Superintendent Steve Ptacek warned of a projected loss of several million over coming years while noting a healthy fund balance. The board approved renewal of the Treasurer's Bond at a $6,251 premium.
The Jacksonville School District #117 Board heard financial updates on April 23 indicating the district is about three-quarters of the way through the fiscal year and is monitoring expenditures and revenues closely.
Chief Financial Officer Rick Cunningham said expenses are currently a bit lower than budgeted because some curriculum purchases have been delayed but those purchases are expected in coming months. Superintendent Steve Ptacek warned the district faces projections that could produce a loss of several million dollars over the next few years, while emphasizing the district currently retains a healthy fund balance. Ptacek also reported the district's sales tax tracker running total at $75,182.06 and noted the PPRT (personal property replacement tax) April report showed a 0.54% change.
The board approved renewal of the Treasurer's Bond with Lyndon Southern Insurance Company for an annual premium of $6,251.00. Board members voted unanimously to renew the bond.
Why it matters: the board will need to monitor revenues and budget-to-actual expenditures closely as staff prepare for upcoming purchases and longer-term budget planning.
