The Trenton R-9 Board of Education approved a deficit budget for 2020-2021 at a special meeting the morning of Friday, June 26th. Estimated revenues total $12,413,807.37, and estimated expenditures total $16,751,002.83. The estimated deficit is $4,337,195.46.
Anticipated revenues include $5,190,774.89 for the incidental fund, $6,309,230.74 for the teacher fund, $906,301.74 for debt service, and $12,500 for capital projects. Anticipated expenditures include $4,504,530.78 for incidental, $7,273,082.05 for the teacher fund, $616,390 for debt service, and $4,357,000 for capital projects.
Superintendent Mike Stegman said the deficit is due to bond funds being collected last fiscal year and being spent this fiscal year.
He noted the operational budget is $277,361, which takes into account state revenue cut due to COVID-19 and a loss of excess revenue due to the cancellation of summer school. The district’s fund balance is projected to be 25.04%.
Trenton R-9 requested and has been approved for $207,144.72 in CARES Act funds from the Missouri Department of Elementary and Secondary Education. The district is expecting those funds by June 30th. If the district receives those funds before the end of June, the ending fund balance is projected to be 27.41%.
The board approved end of the year bills and actualization of revenues and expenditures for the 2019-2020 budget. The actualization included transferring $514,852 from the incidental fund to the teacher fund to zero out the teacher fund.
The board also approved a memorandum of understanding with Grundy County to receive funding available from the county regarding COVID-19. Stegman noted the county received about $1.1 million in CARES Act funding.
He said county school superintendents met with the Grundy County Commission. The original formula to distribute funding to the districts was based on assessed valuation, which would mean Trenton R-9 would have received about $70,000. A new formula is being worked on, and the amount of money the district could receive might increase. The money would be spent on proper equipment related to COVID-19.
A tax rate hearing for Trenton R-9 will be at the district office the evening of August 11th at 5:25. That will be before the next regular board meeting. No meeting is scheduled for July.