The Princeton R-5 Board of Education approved the 2020-2021 preliminary budget at a special meeting. Revenues are anticipated to be $4,805,382, and expenditures are projected $4,936,658. That leaves a deficit of $131,276.
The board also approved activity balances being zeroed out and the amending of the 2019-2020 budget to actual. Actual revenues were $22,567 less than budgeted at $5,176,685, and total expenditures were $65,093 more than budgeted at $5,388,415.
The general and teacher funds saw a surplus of $120,978, which resulted in a slight increase for the district’s reserve balance. The unrestricted reserve balance for Princeton R-5 is 39.74%.
The district received CARES Act funding of $63,854 Monday, June 29th. The funding is included in the amending of the 2019-2020 budget.
It was noted the district passed a six point two million dollar bond issue in fiscal year 2017, and the bond money was deposited in fiscal year 2018. The construction project continued into fiscal year 2019 and is expected to be completed this year, which explains the deficit for this year’s budget.
The board approved a 10 cent increase for Princeton’s school lunch program. Prices will be $2.55 for kindergarten through sixth grade lunch, $2.80 for seventh through 12th grade lunch, $3.60 for adult lunch, $1.70 for kindergarten through 12th grade breakfast, and $2.20 for adult breakfast.