The District 54 School Board approved its 2011-12 budget at its August 11, 2011, meeting.
District 54 expects to spend $217,979,108 during the 2011-12 budget year and receive $209,334,501 in revenues. The District 54 operating funds – defined as the education, operations and maintenance, transportation and working cash funds – have projected revenues of $192,993,451 and expenditures of $192,860,993.
Rather than issuing new debt to cover current capital expenses, the District 54 School Board has elected to use operating revenue and accumulated reserves to fund capital expenses. District 54 has sufficient reserves to cover the projected differences in the 2011-12 budget. District 54 will be debt free after making its Dec. 1, 2011, bond payment
District 54 developed the 2011-12 budget based on the following parameters:
- 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 and Capital funds, where cost-of-service increases can’t be controlled.
- Interest income has declined. District 54 projects interest factors of less than 2 percent.
- Federal aid is estimated to show minor increases.
- State aid is expected to remain flat.
- Property tax levies use the Consumer Price Index (CPI) from the previous calendar year. The 2010 CPI was 2.7 percent. It is estimated to be 1.5 percent in 2011.
- Benefit costs are projected to increase by about 5 percent annually, with the biggest increase in HMO medical costs, which are projected at a 7.5 percent increase.
District 54 receives less than 21.6 percent of its revenue from state and federal sources, compared to the “average Illinois school district,” which receives almost 38 percent of its revenue from state sources and about 9.3 percent from federal sources.
To view the detailed 2011-12 budget, visit the new District 54 BoardDocs website.