Five-Year Budget Projections Presented to Board of Education

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finance business calculationIn order to sustain and uphold the educational excellence and extraordinary learning opportunities that District 211 has delivered for many years, the District maintains a five-year financial projection of revenues, expenditures, and fund balances.

The District five-year financial projection shows District 211 remains financially stable with a balanced budget over the next several years and maintains the ability to provide continued quality instructional programs. It has implemented budget reductions through efficiencies away from academic or extracurricular programs for students in anticipation of a loss of funding through state funding reductions and other legislative uncertainties.

“Our commitments to developing college and career readiness skills in today’s world demand that we provide quality instruction from highly qualified professionals within a rigorous curriculum that integrates the use of technology within effective learning environments and facilities,” said Lauren Hummel, chief operating officer at District 211. “We prepare our students with the skills and talents so that they can continue their full involvement in our communities, our local businesses, and our local economy.”

The financial projection information is updated periodically throughout the year based on audited cash actuals from prior years, budget and levy adoptions, changes in key economic indexes (CPI tied to Tax Cap), and legislative changes. To accomplish District 211’s goals requires excellent financial planning and strategy integrating the current financial position into a projected financial forecast that accounts for numerous influences, both within the organization and outside the control of the District.

For projections, the District establishes a financial calendar that incorporates both the tax levy and budget process. The calendar identifies the various steps in the budget development process and establishes tentative dates for completion. The District’s five-year financial projection plan is also used to identify necessary action to preserve the District’s financial integrity and outline short-term budget parameters.

Five-year projections plan for the District to be debt-free in 2019 and while continuing to save to fund future capital improvements including roof replacements, mechanical equipment replacement, bathroom and locker room renovations, and cafeteria kitchen renovations.

The preliminary budget assumptions have been incorporated into the 2016-2017 budget projections and include the following:

  • Allocate costs associated with achieving District academic goals
  • Maintain a balanced budget in accordance with the School Code (105 ILCS 5/17-1)
  • Maintain adequate fund balance within each of our major operating funds
  • Implement budget reductions of approximately $1.8 million in anticipation of decreased state funding
  • Anticipate property tax refund losses of $5 million
  • Allocate staffing costs based on enrollment and instructional programs
  • Allocate salary costs based on negotiated contracts and Board approved percentage increases
  • Allocate benefit and insurance costs based on projections developed in coordination with Hub International/Corporate Benefits Consultants, Inc.
  • Allocate $13.9 million in the Capital Projects Fund to be utilized for facility improvement projects
  • Allocate $1.9 million for approved Life Safety projects
  • Include fund balance transfers of $2.4 million for debt service levy abatement and iPad lease payments; $14 million for capital projects; and $3 million for current and future Life Safety projects.

For more information or to view specifics of the  five-year financial projection, please visit the board report here.