spot_img
Tuesday, April 16, 2024
HomeNewsRevised financial projections improve financial standing for District 113

Revised financial projections improve financial standing for District 113

School Board members listened to an improved budgetary outlook from Ali Mehanti, Township High School District 113 assistant superintendent for finance, during their March 19 board meeting.

Mehanti presented an updated five-year forecast to the board, which showcased a much brighter financial future than previously estimated and presented in January.

Superintendent Dr. Bruce Law previously said that officials are “confident” that the district can have a balanced budget in fiscal 12 months 2025 but are “fearful” in regards to the following 12 months.

As reported by The Record, district officials had forecasted a growing projected budget deficit starting in fiscal 12 months 2026. Mehanti previously reported that the district could face a $3.6 million hole by 2029-2030.

Contributing to the anticipated deficit, fewer staff members are expected to retire in the approaching years, and the district’s enrollment can be expected to diminish from 3,149 to 2,917 by the 2029-2030 school 12 months, officials said.

Mehanti’s presentation on March 19 showed that officials at the moment are forecasting surpluses in each fiscal years 2025 and ’26, and the anticipated deficit in ’29 has slimmed to $1.12 million.

Mehanti said the first drivers of the positive budget changes are reductions in full-time staffing and a lower-than-expected medical health insurance renewal rate for the PPO plan in FY25.

District 113 will see a discount of 4.15 full-time employees in FY25 and 6.65 in full-time employees in FY26, based on Mehanti. The reductions are related to the district’s plan to condense its science department. Those figures included licensed staff, non-licensed staff, and administrators.

The Record is a nonprofit, nonpartisan community newsroom that relies on reader support to fuel its independent local journalism.

Subscribe to The Record to fund responsible news coverage on your community.

Already a subscriber? You’ll be able to make a tax-deductible donation at any time.

Visit Our Storespot_img

Explore More

LEAVE A REPLY

Please enter your comment!
Please enter your name here