School ends fiscal year $2 million better than predicted

School board members received $2 million worth of good news about the district’s 20162017 budget at their meeting on Tuesday night.

Terri Raskiewicz, chief financial officer for the district, reported the school received approximately $1 million more in revenue than expected during the 20162017 fiscal year, which ended on June 30. Additionally, the district spent $1 million less than it budgeted for. The overall effect added $2 million to the school’s bottom line.

“Of course you know, we always budget for the worst and hope for the best, and again this year we got the best,” Raskiewicz said.

School board members passed a $36.42 million budget in September 2016, which included

$36.42 million in expenditures and $32.97 million in revenue. A $3.46 million deficit was designed to help spend down an excess of money carried over from the previous year, Raskiewicz said in September. She explained the stage legislature passed a bill capping the amount of money a school district can carry over each year to 20 percent. Last year, Siloam Springs Schools had a budget carryover of 29 percent.

Plans for the $3.46 million in excess carryover money included $1 million budgeted to build two new classrooms at Northside Elementary School, $340,000 for the purchase of 29.94 acres at the intersection of East Kenwood Street and Bruce Rutherford Drive, and spending $82,000 for band bleachers at Panther Stadium.

The school ended up spending $35.01 million in expenses and bringing in $33.94 million in revenue, reducing the deficit to $1.07 million. The new deficit leaves the district $1.8 million over the 20 percent carryover suggested by the state, but the law is being phased in over a five year period, giving the district more time to reach the 20 percent goal, Raskiewicz said.

Raskiewicz praised school administrators and employees for spending wisely and achieving the $1 million savings in expenses.

“I can’t thank our district enough to how much attention they pay to how much money they spend and what they’re spending it on,” she said.

In other business, the school board voted to approve the Naught-Naught Agency’s bid for student accident insurance.

Seven insurance companies submitted bids for student accident insurance on June 1. The Naught-Naught Agency submitted the low bid of $10,383 and Student Assurance Services Inc., submitted a high bid of $13,300.

Athletic director Kevin Downing recommended the school board choose the Naught-Naugth Agency because it provides a good benefit amount and the lowest premium price.

The school board took the following additional actions:

• Approved an application for a Federal grant for the Arkansas Migrant Education program.

• Approved the student policy manual for the upcoming school year.

• Accepted the resignations of Rebecca Barton, Middle School speech pathologist, and Sarah Pianalto, Intermediate School sixth-grade teacher.

• Approved hiring Lauren Miller, first-grade teacher at Allen Elementary; Jessica Beshears, fifth-grade teacher at the Intermediate School; Michelle Roles, high school special education teacher; and Zachery King, language arts teacher for Main Street Academy.

• Approved the transfer of three students from the Siloam Springs School District to the Gentry School District.

• Approved compensating six teachers to teach through their preporatory periods.

Of course you know, we always budget for the worst and hope for the best, and again this year we got the best. Terri Raskiewicz Chief Financial Officer, Siloam Springs School District