Updated: August 21, 2014 2:18AM
Frankfort School District 157C will have a projected $500,000 deficit in its operating budget for the 2014-15 school year, according to a news release from the district.
The District 157C board recently approved a budget calling for operating expenses of $31.1 million and revenues of $30.6 million. The district plans to use about $500,000 of its $28 million in reserves to make up the difference, according to the release.
The budget reflects continued cost-cutting measures and flat revenues, with cuts in state funding and a lower equalized assessed valuation, officials said in the release.
School officials will continue to take cost-cutting measures throughout the district, such as operating over the summer on a four-day work week, bidding for gas and electric usage, working with Constellation Energy to lower electric consumption and earn utility credits, installing energy-efficient mechanical systems, reducing staff through attrition, examining employee insurance programs and vendor service agreements, consolidating computer usage and trimming discretionary spending, the release said.
The board in the past year also refinanced two bonds to reduce interest payments and to limit the increase in the overall tax levy request. That allowed the board to hold the overall tax levy flat for the past three years at about $29.3 million, the release said.
The district’s continuing goal is to work toward balancing the budget without affecting instruction or the school environment, according to the release.