This story has been updated.

The District 15 school board will get a new, more optimistic, picture of district finances at its meeting Oct. 13.

Interim Superintendent Scott Thompson will present the new 5-year budget projections at the board's meeting at 7 p.m. at Walter R. Sundling Junior High School. The new 5-year projections were posted on the district's web site as part of the board packet.

Thompson would not discuss the numbers specifically before the report was presented to the board, but said "there was a significant" difference between the new projections and the previous 5-year numbers. 

Former Superintendent Daniel Lukich and Merilee McCracken who was assistant superintendent for business and auxiliary services compiled the previous 5-year budget projections. Neither are now with District 15.

The previous report projected annual deficits that would eat through reserve funds and leave District 15 in a precarious financial position by 2014-2015. The new figures do not show such a dramatic draining of district funds.

For example, in the education fund – which includes significant operational costs such as teacher salaries – District 15 ends 2014-2015 with a fund balance of more than $16.6 million, according to the new report. In the previous 5-year financial projections, District 15 finished 2014-2015 with a negative education fund balance.

The new report does show a deficit in the education fund from fiscal year 2010-2011 through 2013-2014, however, the size of the deficit is much smaller than the previous report. In the new report, the deficit reaches more than $6.2 million in 2014-15. In the previous report, the deficit grew more than $11 million.

The report is expected to be discussed by officials at the school board meeting.

District finances have been a hot topic as a Nov. 2 referendum looms. The referendum would authorize the district to issue $27 million in working cash bonds. Thompson has recommended that if voters approve the referendum the district issue no more than $16 million and use the money on capital projects such as replacing roofs at 11 schools.

If approved the referendum would cost the owner of a $220,000 home about $15.12 more in property taxes.

Editor's Note: The projections first posted by District 15 on Oct. 12 were inaccurate. This story has been updated with the correct numbers.