District 54 releases tentative 2012-13 budget
Posted by Terri McHugh on Monday, June 25th, 2012 at 12:08 pm
The District 54 School Board released a tentative version of its 2012-13 budget at its June 21, 2012, meeting. District 54 expects to spend $220,758,801 during the 2012-13 budget year and receive $213,192,727 in revenues.
District 54 developed the 2012-13 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 Construction funds, where the cost of services, such as electricity, can’t be controlled.
- District 54 will issue no new debt and is debt free as of Dec. 1, 2011.
- Interest income has declined because of the past federal rate decreases. 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. District 54 does not know 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.
- Property taxes are based on the Consumer Price Index (CPI) of 1.5 percent in 2011 and 3.0 percent in 2012.
- Benefit costs are projected to increase by about 5 percent annually.
To enable the district to maintain the property tax levels projected within a tax cap environment, restricted levies will not match expenditures in some of the district’s funds, causing accumulated fund balances in those funds to decline.
District 54 receives less than 20 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.
The tentative budget will be available at the District Office through August 16. On August 16, a public hearing on the budget will be held at 7 p.m. in the boardroom of the District Office, 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 16, 2012 meeting.
Individual Fund Summary
| Fund |
Revenues |
Expenditures |
| Education | 173,682,631 | 173,671,187 |
| Operations and Maintenance | 15,718,590 | 16,848,784 |
| Bond and Interest | 100,000 | 5,750,000 |
| Transportation | 9,503,911 | 9,343,900 |
| IMRF/Social Security/Medicare | 5,815,014 | 6,372,500 |
| Life Safety Construction | 5,755,000 | 7,135,000 |
| Working Cash | 1,282,457 | 0 |
| Fire Prevention/Life Safety | 1,335,124 | 1,637,430 |