–The Algona School Board received a status report on the district’s budget during their meeting Monday evening. Superintendent Joe Carter says their forecast predicted the need for deficit spending during this fiscal year.
The budget projections attempt to give the board a five-year look at the district’s finances.
Carter says the district has a goal of maintaining a fund balance of 10% over this five-year period.
The budget projections are based on a number of assumptions over the next five years.
Another assumption is that the state will continue to approve 2% annual increases in funding for public schools in Iowa, something Carter says may be tough to reach.
The 2% increase in SSA funding for the current fiscal year resulted in 157 districts across the state, including Algona, requiring the budget guarantee, which relies on property taxes.
The board did vote to approve 8 applications for early retirement from teachers who are at least 55 years old and have 12-years of service to the district. Of these positions, six can be filled by people currently working within the district.
