The Wright City R-II School District saw a large jump in its revenue forecast, accompanied by a decrease in deficit spending in a recently approved budget amendment.
The amended budget shows …
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The Wright City R-II School District saw a large jump in its revenue forecast, accompanied by a decrease in deficit spending in a recently approved budget amendment.
The amended budget shows about a $380,000 increase in expected revenue, including about $85,000 for the district’s debt service fund. The R-II school board approved the amended budget during its monthly meeting Nov. 21.
District Business Manager Konee Box explained the shifts in the budget are a typical practice in the fall after expected revenue and expenses become more clear.
Wright City School District’s annual budget is set in July, but many figures are not clear because finances from the state aren’t finalized until later in the year.
Significant impacts on the revenue forecast came from increased local property taxes due to higher property valuations, as well as an increase in state funding because the district’s average daily attendance increased.
“The biggest revenue change was definitely from county taxes,” said Box. “That was an increase of about $500,000 on the revenue side.”
The district has experienced rapid growth in local revenue over the past three years due to new construction.
The amended budget also shows around a $200,000 decrease in the district’s deficit spending in the first four months of this fiscal year. In the June budget, the district reported a deficit of $1.4 million. Since that time, numbers have adjusted in R-II’s favor, with the updated budget reflecting a deficit of $1.2 million.
The district’s final budget as of Oct. 31 was just under $21 million. Box said spending is higher than revenue because the school district has unspent funding in its accounts.
“I feel good (about the budget) right now,” said Box. “Obviously we’re deficit spending right now to get our fund balances down. We can’t do that forever, but we are getting a lot of things taken care in regards to capital projects.”
Concerning expenses from June to November, the district spent about $189,000 more than budgeted, including $50,000 in additional debt payments.
The biggest catalysts impacting expenses were staff related, including a $250 increase to the base pay for teachers and the addition of four paraprofessionals.
“Back in June those were not in the budget yet, because it was not decided until the June board meeting about raises to the base (salary) that definitely made an impact,” said Box.
Changes also reflected a decrease in summer school expenses.
