Woodland School District 50 Approves Balanced Budget
A $77.7 million budget is approved by the D50 Board following Tuesday's hearing.
In the eight years he has served on the Woodland District 50 School Board, President Larry Gregorash said the $77.7 million budget for fiscal year 2012-13 was the first balanced budget he had the opportunity to approve.
"It's been a very long, diligent, arduous and sometimes painful process, but we're where we need to be," said Gregorash at the Sept. 25 budget hearing.
He thanked the district staff and school community for their efforts in achieving that balance.
"The community has been very active players in the budget review and reductions."
District officials noted that Life Safety bonded construction projects account for $491,711 of the total budget, while internal transfers account for $493,604.
Total budget expenditures without these figures are estimated at $76.8 million, compared with total revenues of $77.4 million.
According to the district, the $55.9 million Education Fund represents 72 percent of the overall budget. For fiscal year 2013, revenue in the Education Fund was increased by shifting tax levy proceeds from the Operations and Maintenance Fund and the IMRF/FICA/Medicare funds.
Approximately $8 million in working cash will be used for cash flow purposes in the spring to cover short-term payroll and benefit costs. The balance of the fund is designated to be used to fund computer, copier and bus lease costs as needed.
Exclusive of internal transfers, expenditure budgets have been held to minimal increases, according to the district.
In fact, expense budgets show reductions in supply and service costs in the Operations and Maintenance Fund due to the reduction of energy useage and energy costs.
Additionally, budgeted expenses in the IMRF retirement account were reduced due to a decline of $75,000 in SEDOL (Special Education District of Lake County) IMRF needs this year.
Salary and benefits account for 72 percent of all budgeted expenditures. Costs were changed based on budget reductions approved by the school board in fiscal year 2012 that are effective in fiscal year 2013 and revised based on staff retirements.
Health insurance for 2013, however, has increased 4.8 percent.
The new budget also reflects that for 2013, 88 percent, or $3.1 million of District 50's $3.5 million in General State Aid, will be diverted to Prairie Crossing Charter School.