Glenbard Dist. 87 reports a budget surplus

For the first time in more than six years, Glenbard High School District 87 finished its fiscal year with a surplus.

However, Assistant Superintendent for Business Services Chris McClain on Monday cautioned against complacency.

"This is good news, but it's not all unicorns and rainbows," he said after the district's regularly scheduled board meeting. "We have to continue to be fiscally responsible."

More important to McClain is that the district met all three of its key financial goals: a balanced budget, a budget surplus and avoiding short-term borrowing.

Unlike the Illinois State Board of Education's recommendation that school districts have at least 180 days of reserve funds on hand, Glenbard does not have a minimum. However, McClain hopes to change that in the future.

"Districts should have some level of reserves," he said. "Those reserves will stay in your fund balances and would be available for future expenditures."

The good budget news comes after a turbulent year in which the district, like many others, had to anticipate the state's uncertain financial situation. A relatively low consumer price index also has wreaked havoc on school budgets.

The surplus comes just five years after the district was in the red by more than $21 million in 2005.

McClain said the district finally managed the surplus as a result of several factors, including conservative budget projections and cost management.

"We significantly outperformed our budget projections," McClain told the board.

Board Vice President Tom Voltaggio said the news was a great sign for the district.

"Not a lot of districts can say that (they have a surplus) right now," he said.

McClain warned the numbers had not yet been audited, but said he was confident they were accurate.

Also at the meeting, the board approved a cooperative girls' swim team that will draw students from Glenbard West and Glenbard South high schools and compete in the West Suburban Conference.

Surplus: Dist. 87 was $21 million in the red just five years ago