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Article updated: 7/31/2013 3:34 PM

District 118 planning for a $56.4 million budget

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Wauconda Unit District 118 officials are preparing a $56.4 million budget for the upcoming school year.

The spending plan is about 2 percent greater than the $55.2 million budget for the 2013 fiscal year, which ended June 30. William Harkin, the district's associate superintendent for business services, attributed the increase to teacher salary increases.

They're receiving 3.5-percent raises in the 2014 fiscal year, following a two-year salary freeze, Harkin said.

Officials expect to collect about $56.7 million in taxes and other revenue during the next year. That's up about 1 percent from the 2013 fiscal year.

Property-tax revenues are projected to increase, Harkin said, while state and federal funding are expected to be flat.

No major facility improvements or projects are planned for the new fiscal year, Harkin said.

He described the district's financial picture as "very secure."

The school board will discuss the tentative budget Thursday in a committee-of-the-whole meeting. It's set to start at 7 p.m. at the district office, 555 N. Main St.

The board could approve the tentative budget in a meeting set to follow the first session.

The budget could receive final approval Sept. 19.

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