The Princeton R-5 Board of Education held a special meeting Thursday evening to close out the 2011-2012 budget and approved the 2012-2013 budget.
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According to information provided by Superintendent Terry Mayfield, the board closed out the 2011-2012 budget, which showed $4,143,929.40 and expenditures of $4,345,510.36. The deficit budget of $201,580.96 was a result of expenditures of $304,708.56 associated with capital improvement projects. Mayfield noted that if those projects were not completed, the district would have seen a budget surplus of $103,127.60.
The 2012-2013 budget shows projected revenues of $4,405,886 and expenditures of $4,219,516 resulting in a surplus budget of $186,370. The budget includes a $160,000 expenditure for capital improvements for the 2012-2013 school year.
The next regular meeting is scheduled for Monday, July 9 at 6 p.m. in the high school library.