Revenue shortfalls compounded with the pro-ration of general state aid and falling property values have left the Alton School District facing many tough financial decisions. The Alton Board of Education approved $1.5-million in interfund loans to a number of accounts during last night’s meeting to meet the requirements of state statutes but District Director of Financial Services, Chris Norman, says that doesn’t address the major deficit the district is facing.
The district has lost more than $13-million over the last several years due to the pro-ration of general state aid and falling property values in the district according to Norman. He says the district has gotten by over the last five years but that it may be time to consider two options.
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The two ways the district could address the revenue situation is by issuing working cash fund bonds or by taking out a loan to cover those losses. School Board members voted to begin the process of issuing up to $11-million in bonds last night, but Norman says that doesn’t mean a sale is imminent.