District 54 adopts 2013-14 budget

Submitted by District 54
Updated 8/21/2013 2:33 PM

The District 54 School Board adopted its 2013-14 budget at its Thursday, Aug. 15, meeting. District 54 expects to spend $224,789,411 during the 2013-14 budget year and receive $218,723,004 in revenues.

District 54 developed the 2013-14 budget based on the following parameters:

• There will continue to be a freeze on overall cumulative spending in supplies, purchased services and capital outlay. The only exception is in the Operations and Maintenance and Construction funds, where the cost of services, such as electricity, can't be controlled.

• District 54 will issue no new debt and has been debt free since Dec. 1, 2011.

• District 54 will use reserves to fund capital outlay expenses instead of issuing new debt.

• Interest income remains at historic lows.

• Property taxes are based on the Consumer Price Index (CPI), which was 3 percent in 2012 and is estimated at 2.0 percent in 2013.

• Benefit costs are projected to increase by about 5 percent annually.

• Federal aid is estimated to show minor increases.

• State aid is expected to remain flat. District 54 does not know for certain how much revenue it will receive from the state for the current year or for any projected year because of the funding deficiencies facing the state.

To view the detailed 2013-14 budget, visit the District 54 BoardDocs website at www.boarddocs.com/il/sd54/Board.nsf/Public and view the document as part of the Aug. 15 board meeting agenda.