(Horicon) The Horicon School Board held their annual budget hearing yesterday. Superintendent Gary Berger says the $11.1 million dollar document has a current deficit of $42,600. Administrators and the school board have been working since last year to trim the budget by about $700,000. A failed referendum in April led to deep cuts in equipment, supplies and staffing. Berger attributes the most recent shortfall to a decrease in state aid. The mill rate is projected to increase 55 cents to $9.58 per $1000 of assessed value. The final calculations will be made in mid-October at which time the school board will consider the final budget. Berger says at that time they hope to have the budget balanced.