A $272.6 million budget for the 2012-13 school year was unanimously approved without any discussion by the Palatine-Schaumburg District 211 board on Thursday.
The budget is balanced, with a $3.8 million surplus in the balance of the districtís four main funds and a projected $12.9 million in excess revenue over expenditures. It is up about 8 percent from last year.
Property taxes are the biggest revenue source, providing about $201.9 million, while salaries and benefits are the largest expenditures, amounting to about $184 million.
No one spoke during a public hearing on the budget prior to the boardís vote.
After the budget was approved, the board agreed to hold a public hearing at 7:30 p.m. Oct. 18 regarding the sale of $26 million of life-safety bonds, which will be used to pay for state-mandated projects over the next seven years, such as the replacement of doors at Schaumburg High.
Only $16 million in life-safety bonds will be issued in the 2012-13 budget year. The second phase of bonds is slated to be issued in 2015. According to information from Superintendent Nancy Robb, the district can issue bonds without increasing the tax extension because the new debt will be layered into the expiring debt obligation from 2006 bonds.
Life-safety projects are separate from the districtís ongoing operations and maintenance projects, which for the 2012-13 year include the replacement of the district phone system and the renovation of Palatine Highís kitchen and cafe, which together come to a total of about $2.3 million.Copyright © 2014 Paddock Publications, Inc. All rights reserved.