O’FALLON – The District 203 Board of Education was forced to accept $3.65 million in deficit spending for Fiscal Year 2017 as a result of a lack of state categorical payments at the June board meeting.
District 203 Business Official Tammy Steckel reported to the Board of Education the need to amend the 2016-17 budget to allow for increased deficit spending. Steckel stated that due to state payments not coming as planned, the direct revenues had to be decreased to a total of $31,625,600. Expenditures stayed the same, at a total of $53,281,100, resulting in a deficit of $3,655,500, which will be paid by using surplus funds. Following this amended spending, the district’s fund balance will drop from $14.7 million to just above $11 million.