During its meeting Thursday, the board adopted an operating budget for the 2008-2009 school year with an overall surplus of about $113,000.

All funds show a positive balance for the fiscal year, with the exceptions of the debt services and life safety funds. The debt services fund shows a deficit because the tax dollars levied to make a bond payment were collected last fiscal year but the payment is due in this fiscal year, so the money will come from fund reserves.

Likewise, the life safety fund includes enough dollars to complete a variety of maintenance projects at all district buildings, with additional funds in reserves for that purpose. But it will be at the board's discretion whether or not to spend down that fund balance, said Superintendent Dan Joyce.

Joyce cautioned the board, however, that the surplus in the budget is contingent on the state coming through with all of the money promised to the district. It also depends on money coming in from corporate personal property replacement tax revenues, which fluctuates with the economy.

"If the economy goes very sour, we may not get all of the money that is projected," he said.

He also noted that while revenues from interest will be down, the situation will be worse next year as money is reinvested this year using current interest rates.

Still, board members were pleased the budget is not in the red.

"In today's economy, any time a school has a budget that is in the black, they're doing pretty good," said board member Jack Cantlin.

In other action, the board: