The Princeton R-5 Board of Education approved the preliminary budget for the 2017-2018 school year at a special meeting held Thursday evening.
Total revenue is projected at $11,156,289 with total expenditures projected at 10,942,506 leaving a surplus of $213,783.
The 2017-2018 budget will be amended when the tax rate is set in August.
The board also reviewed revenues and expenditures from the 2016-2017 school year with revenues of $5,174,360 and expenditures of $6,001,796 leaving a deficit of $827,436.
Superintendent Jerry Girdner explained the reason for the expenses being more than the revenue was due to the 2016 bond issue being funded in the fiscal year 2016 with expenses paid during the fiscal year 2017.
After a closed session, the board announced its next board meeting will be the evening of July 10 at 5:30 with the August board meeting and tax rate hearing scheduled for August 21st.
The board also approved a $2,600 compensation package for transportation mechanic Lonny Lovett, which includes an annual cell phone and Automotive Service Excellence Certification.
