Revenues down, costs up as Schaumburg District 54 budget feels pandemic's impacts
The COVID-19 pandemic has made its impact felt on Schaumburg Township Elementary District 54's tentative budget for 2020-21 through a slight decrease in revenues and a 1% increase in costs.
"The tentative budget has taken into consideration expected declines in revenue and anticipated extra expenditures anticipated for school reopening plans in line with State of Illinois guidelines," Assistant Superintendent for Business Operations Ric King said.
The tentative budget is available for viewing at the district administration building, 524 E. Schaumburg Road in Schaumburg, through Aug. 8. The board of education is scheduled to adopt a final budget immediately after a public hearing at 7 p.m. Aug. 6.
The tentative budget's $270.9 million in revenues is 0.3% lower than last year's budget. Spending will go up to $286.6 million, including $15.6 million from the district's reserves.
The property tax levy adopted at the end of 2019 was based on a 1.9% increase in the Consumer Price Index, while the one to be considered at the end of this year will be based on a 2.3% increase, King said.
State aid, as well as interest income, are expected to decrease due to the pandemic, but the district could receive additional federal funding through the new Elementary and Secondary School Emergency Relief Grant, he added.
District 54 will continue its freeze on cumulative spending on supplies, purchase services and capital outlay, except in its operations and maintenance fund, where the cost of service increases are not under the district's control.
Tuition costs are expected to be about the same as last year's, but are subject to change depending on the amount of special education services that are outsourced.
District 54 plans to remain debt-free during the budget year ahead, as it has been since the end of 2011.
A detailed breakdown of the new tentative budget can be found on the agenda for the June 11 board of education meeting on the District 54 website.