News

District 54 releases tentative 2016-17 budget

Posted June 16th, 2016 by Terri McHugh

The District 54 School Board released a tentative version of its 2016-17 budget at its June 16, 2016, meeting. District 54 expects to spend $223,421,988 during the 2016-17 budget year and receive $226,225,313 in revenues.

District 54 developed the 2016-17 budget based on the following parameters.

Revenues

  • Interest income remains low.
  • Property taxes for levy years 2015-2016 are based on the Consumer Price Index (CPI), which was 0.8 percent for the 2015 levy and 0.7 percent for the 2016 levy.
  • Federal aid is estimated to show minor increases.
  • State aid is expected to remain flat. District 54 does not know for certain how much revenue it will receive from the state for the current year or for any projected year because of the funding deficiencies facing the state.
  • Working cash will be used to balance the education budget and finance long-term capital needs.

Expenditures

  • There will continue to be a freeze on overall cumulative spending in supplies, purchased services and capital outlay. The only exception is in the Operations and Maintenance, where the cost of services, such as electricity, can’t be controlled; and in the Education Fund for planned textbook and technology adoptions.
  • District 54 will issue no new debt and has been debt free since Dec. 1, 2011.
  • Benefit costs are projected to increase by about 3 percent annually.

The tentative budget will be available at the District Office from July 1, 2016, through August 11, 2016. On August 1, 2016, a public hearing on the budget will be held at 7 p.m. in the boardroom of the Rafferty Administration Center, 524 E. Schaumburg Road in Schaumburg (prior to the School Board meeting that evening). The School Board is expected to adopt a budget at its August 11, 2016 meeting.

Individual Fund Summary

Fund

Revenues

Expenditures

Education 187,580,696 188,737,505
Operations and Maintenance 20,427,876 16,291,383
Bond and Interest 20,000 0
Transportation 9,096,376 9,549,866
IMRF/Social Security/Medicare 6,758,476 6,750,000
Working Cash 350,212 1,939,465
Capital Budget Fund 1,939,465 0
Fire Prevention/Life Safety 52,212 153,769

To view the detailed 2016-17  tentative budget, visit the District 54 Board of Education website at http://sd54.org/board and click on the budget link in the June 16 Board Brief.