2023-24 Budget
- Fund balances start the year with $76.8 million (11.8 months of expected expenditures)
- Expected revenues are $78.2 million and expenditures $78.2 million ($4.6 million transferred for construction projects)
- Ending fund balances are expected to end the year at 76.8 million (11.8 months of expected expenditures)
- $37.7 million in excess of 6-months reserves ($39.1 million)
What is the tax levy in the budget?
The budget is assuming a tax levy of at least $60.1 million – a 5.7% increase from last years $56.9 million.
How much of an operating surplus has the district had lately?
2024 – $4.6 million operating surplus (projected)
2023 – $3.8 million operating surplus
2022 – $15.5 million operating surplus
Has the district made any changes to its revenues?
The school hasn’t raised student fees in over 10 years
The district approved a lease agreement with ATT to put a cell tower on school property with 3% annual rent increases – held up by the city of Lockport
If the district spends more than its revenues in operational funds (deficit spending), do they need to submit a deficit reduction plan?
Only if the deficit exceeds $25+ million
Does the district budget any un-itemized expenditures?
On line 6000 of the state budget form, the school has an item “Provision for Contingences”. Since 2021, the school has budgeted over $2 million for this category – for which they levy to cover this cost.
Will a reduction in Month’s Cash Reserves (Days Cash on Hand) affect the district’s Financial Profile Score with ISBE?
A district is awarded 0.40 points for 6 months Days Cash on Hand. There are no additional points awarded if a district has more.
The district has a large level of “Restricted Funds” – are those funds that can’t be spent?
No – restricted funds are funds that are restricted to certain uses. For example, the school may receive funds from the USDA for the school lunch program – those funds can only be used for expenses in conjunction with the school’s lunch program. In the bond fund, funds are restricted for payment of principal and interest on the district’s outstanding debt. In most cases, these restricted funds are spent during the current school year and are actually part of the budgeted expenditures.
TAXPAYERS REQUEST OF DISTRICT 205
Propose new LEVY to board – $56.0 million (2022 levy was $56.9 million)
How can the district absorb a $1.0 million reduction in tax revenue?
- The district projects an operating surplus of $4.5 million, which includes a $3.2 million increase in the levy. A $1 million reduction will still produce a $300,000 surplus
- The district would end the fiscal year with $72.6 million at budgeted spending levels
- $72.6 million in fund balances would be over 11 months of reserves – $33.8 million more than 6 month’s of budgeted expenditures.
- Even with a reduction in the tax levy, NO programs need to be cut.
