|
NEWS State Board Reserves $25
Million to Aid in Balancing State Budget |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FOR
IMMEDIATE RELEASE January 4, 2002 |
Further information:
217/782-4648
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The State Board of Education
will place $25 million of its FY02 budget in reserve, complying with Governor
George Ryan’s request to assist in balancing the state budget impacted
by a post-September 11 economic downturn.
State Board officials said that after reviewing the entire $6.2 billion state general fund budget for elementary and secondary education the reserves were selected to have the smallest possible negative impact on schools and students. No reserves will be withheld from General State Aid or mandated categorical programs (such as special education and transportation) - line items from which local school districts get the bulk of their state support. “It is difficult to hold funds in reserve, because we would like to send every dollar available to help local schools,” said Ernest R. Wish, State Superintendent of Education. At the same time, the state’s budget is left with a $500 million gap because of the unpredicted economic downturn. “We must do our part to help balance the budget,” Wish said. “With that in mind, we have selected areas that will bring the least pain to schools.” Of the $25 million reserve, $9.5 million will be drawn from operations accounts, including $4.5 million in agency administration. The remaining $15.6 million will be reserved from grants that were appropriated.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||