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District 54 seeks community members for Budget Review Committee

School District 54 is looking for community members who would be interested in serving on the Budget Review Committee. The committee will begin meeting in January 2018, so that the administration can present a tentative budget to the School Board before the 2018-19 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 18 and May 3, 2018 from 5:30 to 6:30 p.m.
  • Participate in discussions on school finance.

Click here to obtain an application for the Budget Review Committee or more information. If you have the need to speak to someone, please contact Ric King, assistant superintendent of business operations, at (847) 357-5039 or RicKing@nullsd54.org.

Applications are due to the Rafferty Administration Center, 524 E. Schaumburg Road, Schaumburg, IL 60194, by October 31, 2017.

School Board adopts 2017-18 budget

The District 54 School Board adopted its 2017-18 budget after a public hearing at its August 10, 2017, meeting. District 54 expects to spend $257,807,375 during the 2017-18 budget year and receive $258,285,212 in revenues.

District 54 developed the 2017-18 budget based on the following parameters.

Revenues

  • Property taxes for levy years 2016-2017 are based on the Consumer Price Index (CPI), which was 0.7 percent for the 2016 levy and 1.5 percent for the 2017 levy.
  • Federal aid is expected to be comparable to 2016-2017 revenue.
  • State aid is expected to remain flat.
  • Working cash will be used to balance other fund deficiencies and finance long-term capital needs.
  • Interest income is projected to increase based on rate recovery from several years of no growth.
  • Local revenues will remain consistent due to the fee structure approved by the board, which is consistent with the prior year.

 Expenditures

  • Salaries for 2017-2018 are based on retirement projections of 10 employees retiring at the end of the 2016-17 fiscal year and the effective raise to employees of step and lane changes, plus 1 percent due to meeting district growth targets in math and reading for the 2016-17 school year.
  • Benefit costs are projected based on actual 2016-17 costs with an overall increase of approximately 4 percent annually.
  • There will continue to be a freeze on overall cumulative spending in supplies, purchase services, and capital outlay. The only exception is in the Operations and Maintenance, capital projects and Life Safety Funds, where cost of service increases cannot be controlled, and in the Education Fund for planned textbook or technology adoptions.
  • Tuition costs are budgeted at an annual 7 percent growth, but are highly subject to fluctuation depending on what special education services need to be outsourced.
  • District 54 will issue no new debt and has been debt free since Dec. 1, 2011.

To view the detailed 2017-18  budget, visit the District 54 Board of Education BoardDocs website.

District 54 releases tentative 2017-18 budget

The District 54 School Board released a tentative version of its 2017-18 budget at its June 15, 2017, meeting. District 54 expects to spend $257,807,382 during the 2017-18 budget year and receive $258,285,212 in revenues.

There are several unknowns in the budget at this time due to the fact that the state has not passed a budget yet and is considering several bills that could freeze property taxes and change the education funding formula. District 54 developed the 2017-18 tentative budget at this time based on the following parameters:

Revenues

  • Property taxes for levy years 2016-2017 are based on the Consumer Price Index (CPI), which was 0.7 percent for the 2016 levy and 1.5 percent for the 2017 levy.
  • Federal aid is expected to be comparable to 2016-2017 revenue.
  • State aid is expected to remain flat. District 54 does not know at this point what its funding level will be from the state for the current year.
  • Interest income is projected to increase from the previous year because of the federal rate increases.
  • Local revenues will remain consistent due to the fee structure approved by the board, which is consistent with the prior year.

Expenditures

  • Salaries for 2017-2018 are based on retirement projections of 10 employees retiring at the end of the 2016-17 fiscal year, and the effective raise to employees of step and lane changes.
  • Benefit costs are projected based on 2016-17 actual expected costs and an increase expected in 2017-18 of approximately 4 percent.
  • There will continue to be a freeze on overall cumulative spending in supplies, purchase services, and capital outlay. The only exception is in the Operations and Maintenance Fund, where cost of service increases cannot be controlled, and in the Education Fund for planned textbook or technology adoptions.
  • Tuition costs are budgeted to increase 7 percent from 2016-2017, but are highly subject to fluctuation depending on what special education services need to be outsourced.
  • District 54 will issue no new debt and has been debt free since Dec. 1, 2011.

The tentative budget will be available at the District Office from July 1, 2017, through August 10, 2017. On August 10, 2017, 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 10, 2017 meeting.

Individual Fund Summary

Fund

Revenues

Expenditures

Education 221,530,367 221,942,227
Operations and Maintenance 19,581,619 18,573,875
Bond and Interest 30,000 0
Transportation 9,697,656 10,287,154
IMRF/Social Security/Medicare 6,892,640 6,952,503
Working Cash 500,965 0
Fire Prevention/Life Safety 51,965 51,623

To view the detailed 2017-18  tentative budget, visit the District 54 Board of Education website at http://sd54.org and click on the budget link in the June 15 Board Brief.

District 54 receives its 20th Meritorious Budget Award

For the 20th year in a row, School District 54 has received a Meritorious Budget Award from the Association of School Business Officials (ASBO) International for its 2016-17 annual 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 award recognized by accounting professionals; bond counsel; underwriters; securities analysts; bond rating agencies; educational, teacher and citizen groups; and federal and state agencies.

District 54 seeks community members for Budget Review Committee

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School District 54 is looking for community members who would be interested in serving on the Budget Review Committee. The committee will begin meeting in January 2017, so that the administration can present a tentative budget to the School Board before the 2017-18 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 19 and May 4, 2017 from 5:45 to 6:45 p.m.
  • Participate in discussions on school finance.

Click here to obtain an application for the Budget Review Committee or more information. If you have the need to speak to someone, please contact Ric King, assistant superintendent of business operations, at (847) 357-5039 or RicKing@nullsd54.org.

Applications are due to the Rafferty Administration Center, 524 E. Schaumburg Road, Schaumburg, IL  60194, by October 31, 2016.

District 54 adopts 2016-17 budget

The District 54 School Board adopted its 2016-17 budget after a public hearing at its August 11, 2016, meeting. District 54 expects to spend $225,921,988 during the 2016-17 budget year and receive $226,877,027 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 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.
  • Projected salaries are based on 26 employees retiring at the end of Fiscal Year 2016 and raises to employees due to a change in their position on the contracted salary schedule, as well as a 1% increase because the district met growth targets in math and reading in the 2015-2016 school year.

Individual Fund Summary

Fund

Revenues

Expenditures

Education 188,232,410 188,737,505
Operations and Maintenance 20,427,876 18,791,383
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

 

Click the link at right to view the detailed 2016-17  budget on our website.