District 54 receives Meritorious Budget Award

Posted Tuesday, January 28th, 2014

For the 17th year in a row, School District 54 has received a Meritorious Budget Award from the Association of School Business Officials (ASBO) International for its 2013-14 annual budget.

ASBO International designed the Meritorious Budget Awards Program to enable school business administrators to achieve a standard of excellence in budget presentation. The program helps school systems build a solid foundation in the skills of developing, analyzing and presenting a budget.

The Meritorious Budget Award is conferred only to school systems that have met or exceeded the Meritorious Budget Award Program criteria. Developed by ASBO for school districts, the MBA criteria guide school business officials toward a quality school budget presentation by enhancing the school business officials’ skills in developing, analyzing, and presenting a school system budget.

Since its inception, the program has gained the distinction of being a prestigious national award recognized by accounting professionals; bond counsel; underwriters; securities analysts; bond rating agencies; educational, teacher and citizen groups; and federal and state agencies.

The Association of School Business Officials International, founded in 1910, is a professional association, of more than 4000 members that provides programs and services to promote the highest standards of school business management practices, professional growth, and the effective use of educational resources.

District 54 wins financial reporting award

Posted Monday, November 25th, 2013

District 54 has once again received the Association of School Business Officials (ASBO) International’s Certificate of Excellence in Financial Reporting Award for excellence in the preparation and issuance of its 2012 Comprehensive Annual Financial Report (CAFR).

Only 87 other school districts across the nation (9 others in Illinois) have received the award for more than 25 years. District 54 has received the Certificate of Excellence for 41 years. The award was received for the CAFR report for the fiscal year ending June 30, 2012.

“District 54 is privileged to have received this prestigious award year after year,” said Ric King, District 54’s assistant superintendent of business operations. “It not only confirms our consistency in providing superior financial reporting, which further enhances our fiscal credibility, but it also reinforces our dedication and commitment to our students, and our community.”

The Certificate of Excellence in Financial Reporting Program was designed by ASBO International to enable school business officials to achieve a high standard of financial reporting. The award is the highest recognition for school district financial operations offered by ASBO.

District 54 Budget Committee seeks community members

Posted Tuesday, September 3rd, 2013

School District 54 is looking for community members who would be interested in serving on the Budget Review Committee that will be reviewing the 2014-15 budget. The committee will begin meeting in January 2014, so that the administration can present a tentative budget to the School Board before the 2014-15 school year begins.

The Budget Review Committee, consisting of board members, staff and community members, meets for the purpose of obtaining input on the acquisition and allocation of resources.

Member Responsibilities

  • Attend meetings on January 9, March 6 and May 1, 2014 from 5:30 to 7 p.m.
  • Participate in discussions on school finance.

To obtain an application for the Budget Review Committee, please visit our website at http://sd54.org/committees. If you have the need to speak to someone, please contact Ric King, assistant superintendent of business operations, at (847) 357-5039 or RicKing@sd54.org.

Applications are due in the District Office, 524 E. Schaumburg Road, Schaumburg, IL  60194, by Sept. 13, 2013.

District 54 adopts 2013-14 budget

Posted Thursday, August 15th, 2013

The District 54 School Board adopted its 2013-14 budget at its Aug. 15, 2013, meeting. District 54 expects to spend $224,789,411 during the 2013-14 budget year and receive $218,723,004 in revenues.

District 54 developed the 2013-14 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 has been debt free since Dec. 1, 2011.
  • District 54 will use reserves to fund capital outlay expenses instead of issuing new debt.
  • Interest income remains at historic lows.
  • Property taxes are based on the Consumer Price Index (CPI), which was 3 percent in 2012 and is estimated at 2.0 percent in 2013.
  • 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 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.

To view the detailed 2013-14 budget, visit the District 54 BoardDocs website and view the document as part of the August 15 board meeting agenda.

District 54 releases tentative budget

Posted Thursday, June 20th, 2013

The District 54 School Board approved a tentative version of its 2013-14 budget at its June 20, 2013, meeting. District 54 expects to spend $224,789,411 during the 2013-14 budget year and receive $218,723,004 in revenues.

District 54 developed the 2013-14 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 has been debt free since Dec. 1, 2011.
  • District 54 will use reserves to fund capital outlay expenses instead of issuing new debt.
  • Interest income remains at historic lows.
  • Property taxes are based on the Consumer Price Index (CPI) of 3 percent in 2012 and an estimated 2.0 percent in 2013.
  • 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 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.

District 54 receives less than 15 percent of its revenue from state and federal sources, compared to the “average Illinois school district,” which receives almost 37 percent of its revenue from state and federal sources.

The tentative budget will be available at the District Office from July 1 through August 15, 2013. On August 15, 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 15, 2013 meeting.

Individual Fund Summary

Fund

Revenues

Expenditures

Education

$179,069,641

$178,488,243

Operations and Maintenance

16,087,000

18,988,332

Bond and Interest

21,371

4,295,567

Transportation

9,652,300

9,006,000

IMRF/Social Security/Medicare

6,487,341

6,691,000

Life Safety Construction

4,295,567

5,803,918

Working Cash

1,746,407

0

Fire Prevention/Life Safety

1,363,377

1,516,351

 

To view the detailed 2013-14 tentative budget, visit the District 54 BoardDocs website and view the document as part of the June 20 board meeting agenda.

District 54 estimates 2012 levy

Posted Thursday, October 18th, 2012

The District 54 School Board approved a resolution estimating its 2012 tax levy at $158,813,264, exclusive of debt service. The requested 2012 levy is 1.97 percent higher than the 2011 final extended levy of $155,737,584.

The tax rate is subject to the tax cap legislation. The most District 54 can receive from existing property owners is 3 percent more than last year’s levy; however, the increase may be less. School districts also receive additional property taxes from new construction. Last year’s growth in new construction was 0.21 percent of the prior year EAV in District 54. However, property owners may notice a greater increase on their property tax bills, based on the Cook County assessment process.

In addition to the tax levy for programs and services, the District 54 aggregate levy usually would include an amount necessary to retire a portion of the principal and interest on our bonds. The School Board has elected to forgo the issuance of bonds to pay for upcoming capital needs, instead using accumulated reserves to pay for those projected costs. The Bond & Interest levy was $9,409,050 in the 2010 levy, $0 in the 2011 levy and will be $0 again in the 2012 levy.

A public hearing will be held on the estimated levy at 7 p.m., Nov. 15, 2012, in the boardroom at the District Office at 524 E. Schaumburg Road in Schaumburg. For more information, please call Ric King, Assistant Superintendent of Business Services, at (847) 357-5011.

Board adopts the 2012-13 budget

Posted Friday, August 17th, 2012

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.

District 54 seeks community members for 2013-14 Budget Committee

Posted Wednesday, August 8th, 2012

School District 54 is looking for community members who would be interested in serving on the Budget Review Committee that will be reviewing the 2013-14 budget. The committee will begin meeting in January 2013, so that the administration can present a tentative budget to the School Board before the 2013-14 school year begins.

The Budget Review Committee, consisting of board members, staff and community members, meets for the purpose of obtaining input on the acquisition and allocation of resources.

Member Responsibilities

  1. Attend up to six meetings from 5:45 p.m. to 6:45 p.m. on Thursdays (January-June).
  2. Participate in discussions on school finance.

To obtain an application for the Budget Review Committee, please visit our website at http://sd54.org/committees. If you have the need to speak to someone, please contact Ric King, assistant superintendent of business services, at (847) 357-5039 or RicKing@sd54.org.

Applications are due in the District Office, 524 E. Schaumburg Road, Schaumburg, IL  60194, by Sept. 14, 2012.

District 54 releases tentative 2012-13 budget

Posted Monday, June 25th, 2012

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

District 54 seeks community members for 2012-13 Budget Review Committee

Posted Monday, November 7th, 2011

School District 54 is looking for community members who would be interested in serving on the Budget Review Committee that will be reviewing the 2012-13 budget. The committee will begin meeting in January 2012, so that the administration can present a tentative budget to the School Board before the 2012-13 school year begins.

The Budget Review Committee, consisting of board members, staff and community members, meets for the purpose of obtaining input on the acquisition and allocation of resources.

Member Responsibilities

  1. Attend up to six meetings from 5:45 p.m. to 6:45 p.m. on Thursdays (January-June).
  2. Participate in discussions on school finance.

To obtain an application for the Budget Review Committee, please visit our website, at http://sd54.org/committees.  If you have the need to speak to someone, please contact Ric King, assistant superintendent of business services, at (847) 357-5039 or RicKing@sd54.org.

Applications are due in the District Office, 524 E. Schaumburg Road, Schaumburg, IL  60194, by Dec. 2, 2011.