Covault Takes Charge Of District 46 Finances

In his new role as Business Manager Todd Covault is working quickly to line up the district finances in the format required by the Illinois Program Accounting Manual (IPAM).

"In accounting terms, this is the Bible," Covault said. "I am extracting information from the current budget and am in the process of developing the budget for the upcoming year so that I can present it for adoption at the August 10 board meeting."

In addition to playing workload 'catch up' from the district's past three years of short-term, successive business managers, Covault must also contend with a funding shortfall from the state.

"The state comptroller has been given the requisitions, however, it is at the comptroller's discretion when to distribute the funds," Covault said.

With nearly $1.8 million in D46 vouchers awaiting processing, Covault said the district may have to consider other avenues of revenue, such as tax increases or referendums if the funding does not come through.

"If you check the Illinois State board of Education (ISBE) site, we have not received monies for items such as transportation," Covault said. "Fortunately we have the fund balances available to cover much of these costs. However, if we don't receive the state funding we will have negative balances and will have to look to other resources."

The new business manager is still unsure of what the final budget numbers will be.

"One question that I will need to answer as I build the budget is 'Do I build in the revenues, or not, from the state?,'" said Covault.

"The increase in state taxes from three percent to five percent has had a benefit. We are still missing funding, but not as much as we would have without the increase," he said.

Covault will present the budget at the next school board meeting on Wednesday, August 10 at at 6:30 p.m.