Last week, Bond County Unit 2 School Superintendent Wes Olson received the good news that the state was releasing funds under the new evidence-based funding plan.
Districts had been waiting several months for the money. The new formula created a tier funding program, placing districts at levels based on need. Unit 2 is in Tier 1, which includes the neediest districts.
The district has received what was formerly known as general state aid on a timely basis. Olson was pleased the extra funds are coming. He said the increase will amount to around $366,000 overall. He said another benefit is that the district will know what their base funding minimum is next year.
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The Unit 2 district’s base funding level for next year will be about $6.9 million. This reflects the state aid money plus the tier funds.
The district, according to the law, should receive no less than that amount.
Unit 2 had to make reductions in recent years due to the state funding situation. Olson said the district’s financial status is now going in a positive direction, but it will take a while to build up reserves that had to be used due to the decrease of state funds.
The superintendent reported there are currently no specific plans for the tier money. He said it wasn’t included in their original budget. He said he hopes programs that have been cut may be restored thanks to the additional funds.
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