The Rockford school district is more than $8 million in debt. The school board said it expected to be more than $3 million dollars in the black.
Board members say there are a number of reasons for the deficit. They say salary numbers were off by about $1.7 million, more money was spent on supplies and equipment than anticipated, special needs students' residential tuition exceeded the budget, and selling a $100 million bond cost about $2.6 million dollars.
This loss was for fiscal year 2014, which ran from July 1, 2013 to June 30, 2014.
“We're not happy with these results,” said Superintendent Ehren Jarrett. “A measure of my success as superintendent is operating within a balanced budget. We have corrected our shortcomings for the current budget cycle, and we are committed to a balanced budget in fiscal year 15.”
In light of the deficit, the board says it will not need to make cuts. Members say they plan to end this school year in the black.
This is the first time in three years the district has ended up with a deficit.