LaGrange School District 105
Fiscal Year 2019 – 2020
Tentative Budget
July 22, 2019
Budget Plan
A school budget is a plan of District 105’s financial operations which express the estimate of proposed expenditures for a fiscal year ( FY20) and proposed means of financing them.
The purpose of a budget is to: provide a forecast of revenue and expenditures and measure the actual financial operation against the forecast (audit)
We will update the STRAT Plan again when we approve the final budget.
Overview - Revenues
State and Federal grant funding have been included in FY20 District revenue at FY19 levels
2018 levy will include a Cost of Living (CPI) increase of 1.9%. This will result in a minor increase in overall revenues.
Revenue by Source
Local Property Taxes 80.6%
CPPRT 3.9%
State 8.5%
Federal 3.8%
Other Local Revenues 3.2%
Overview - Expenditures
Our contractual agreements with certified staff and non-certified staff will increase salaries at 3%.
The premium rates for the employee medical plans are cost neutral for FY 20, due to a shift from a Co-op plan to a stand alone plan.
Overview – Purchase Services
Transportation Fund expenses are budgeted to increase by 4%.
Our professional development purchase services funded with grants and local revenue will not change.
Our overall special education purchased services (LADSE, tuition, transportation) will increase/decrease to reflect student needs.
Overview – Supplies & Materials
Supplies & Materials are expected to remain at FY 19 level.
Overview – Equipment
Technology costs will increase due to ageing equipment and instructional needs.
Other fixed asset purchases are expected to remain stable.
Overview – Capital Project Fund
Operations & Maintenance /Life Safety projects will remain under $ 300,000 with majority of the budget directed to address issues identified in the power study.
Overview – Debt Payment
Debt service obligations for FY 20 include $1,595,000 in principal and $1,221,464 in interest. Part of the payments will be offset by Build American Bond interest reimbursement.
Our overall debt service obligation in FY 20 will be $3,000 more than FY 19. We will make transfers from other operating funds to service our debt.
Our continuing debt service is the pressure area of the budget.
FY 20 TENTATIVE BUDGET
Revenues: $ 27,029,704
Expenditures: 25,754,270
Surplus(deficit)before debt service $ 1,275,434
Debt Payment(net of subsidy) 2,596,676
Surplus(deficit) after debt service $ (1,321,241)
Next Steps
We will be monitoring legislation from Springfield that may affect the budget: property tax extension freeze, pensions, consolidations, or other possible mandates.
Continue to review each budget line and make adjusted as needed.
FY 19-20 Budget Hearing and Adoption is scheduled for August 26, 2019. The budget will be available for public inspection on July 23, 2019.