Monday, December 17, 2007
Huntley School District Fined by IRS, Teachers Retirement Fund, Owes for Workers Comp, But Gets More State Aid; Net Loss About $13,000
In her Monthly Fiscal Report, Comptroller Stacie Talbert reported that Huntley School District 158 paid two tax penalties for March 31 and June 30, 2007 in the amounts of $824 and $4,018, respectively.
This was done, “in order to avoid further collection activity,” the December 13th report said.
In another memo, Talbert reported that the Teachers Retirement Fund sent a penalty notice for $4,624.49.
“A request to waive the penalties was submitted to TRS December 4, 2007 and the District was contacted by TRS December 5, 2007 that” all but $847.13 had been waived.
With regard to unpaid Workers Compensation, “The District received notification…of payroll earnings (estimate versus actual) for 2005-2006 and an adjustment that needs to be paid in the amount of $77,476.
Offsetting these expenditures was an upward adjustment in State Aid to Education of $70,179 for 2006-2006. This followed an audit by the Illinois State Board of Education.
This was done, “in order to avoid further collection activity,” the December 13th report said.
In another memo, Talbert reported that the Teachers Retirement Fund sent a penalty notice for $4,624.49.
“A request to waive the penalties was submitted to TRS December 4, 2007 and the District was contacted by TRS December 5, 2007 that” all but $847.13 had been waived.
With regard to unpaid Workers Compensation, “The District received notification…of payroll earnings (estimate versus actual) for 2005-2006 and an adjustment that needs to be paid in the amount of $77,476.
Offsetting these expenditures was an upward adjustment in State Aid to Education of $70,179 for 2006-2006. This followed an audit by the Illinois State Board of Education.
Labels: Huntley School District 158, IRS, Stacie Talbert, Teachers Retirement System, TRS, Workers Comp
