The Princeton R-5 Board of Education approved the 2018-2019 preliminary budget at a special meeting Thursday evening.
The revenues budgeted for the 2018-2019 school year are $5,175,380, and expenditures budgeted are $7,847,296 leaving a projected deficit of $2,671,916.
The board also approved amending the 2017-2018 budget to actual and activity balances to zero. Revenues received during the 2017-2018 school year were $11,586,263.12, which was $429,974.12 more than budgeted. Total expenditures were $8,204,561.40, which was $2,743,519.60 less than budgeted. The district passed a $6,200,000 bond issue in fiscal year 2017, and bond money has been deposited in fiscal year 2018.
The construction project continues into fiscal year 2019, which explains the difference in expenses versus revenues in the fiscal year 2018 and 2019 budgets.
The board approved an increase in the certified staff salary schedule for the 2018-2019 school year. The new base salary will be $30,000, which is $1,000 increase from the previous schedule. The non-certified salary schedule was also approved, which reflects increases in the base hourly wages.
In a closed session, the board approved hiring Anna Martin for an evening custodial position.
