Board adopts the 2012-13 budget
Posted by Terri McHugh on Friday, August 17th, 2012 at 9:45 am
The District 54 School Board adopted the 2012-13 budget at its August 16, 2012, meeting.
District 54 expects to spend $220,597,716 during the 2012-13 budget year and receive $213,523,089 in revenues. The District 54 operating funds – defined as the education, operations and maintenance, transportation and working cash funds – have projected revenues of $200,517,951 and expenditures of $199,702,786. 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.
- 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.
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.
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.
Individual Fund Summary
| Fund |
Revenues |
Expenditures |
| Education | 174,012,993 | 173,510,102 |
| Operations and Maintenance | 15,718,590 | 16,848,784 |
| Bond and Interest | 100,000 | 5,750,000 |
| Transportation | 9,503,911 | 9,343,900 |
| Municipal Retirement and Social Security | 5,815,014 | 6,372,500 |
| Capital Projects | 5,755,000 | 7,135,000 |
| Working Cash | 1,282,457 | 0 |
| Fire Prevention/Life Safety | 1,335,124 | 1,637,430 |
The above numbers include a transfer of $5,750,000 from the Bond and Interest Fund to the Capital Projects Fund to pay for capital expenditures.
Click here to view the District 54 2012-13 Detailed Budget.