The Evergreen Park School District 124 Board of Education has approved a budget that projects $27.3 million in revenues and $27.9 million in expenses for the 2017-18 school year.
The budget, which was passed on Sept. 20, includes the cost of four capital improvement projects that were completed this summer. Those costs aside, the District’s budget projects a surplus of $152,156 for the upcoming fiscal year.
The 2017-18 budget projects a decrease in expenditures and an increase in revenues when compared to actual costs from the 2016-17 school year.
Expenses are expected to decrease by $1.3 million compared to last year. The savings are linked to a decrease in planned capital expenditures, maintenance work, and renovation projects, as well as a reduction in technology expenses now that the District’s 1:1 initiative is complete.
Revenues are projected to increase by $844,815 in the 2017-18 school year. The largest portions of that increase comes as a result of an inflationary increase in the Property Tax Levy, and from new growth, mainly due to new development in Evergreen Park Plaza.
The budget was approved following notification from the State Board of Education that D124 should expect the same level of state funding for the current school year as the District received in the 2016-17 school year.
"I'm grateful that the budget debate in Springfield is settled for the time being," Superintendent Dr. Robert Machak said. "Although I still think there are lots of problems with the new legislation, at least we know what dollars to expect.
"The budget that we presented to the Board is fiscally responsible: there are no frills," Machak continued, "but we are able to pay for capital projects at each building that will make our schools safer and more conducive to teaching and learning. We are able to hire all the additional teachers and staff that the principals requested, and we are able to purchase all the resources our students need to be successful in school. The fact that we were able to present an otherwise balanced budget, despite all of the uncertainty at the state level, is a testament to the hard-working staff across the District. It show that we continue to be good stewards of this community's tax dollars as we work each and every day to provide every student with a quality education."
The District’s main source of revenue comes from the Property Tax Levy, which accounts for $20.9 million, or 76.6% of the total revenue. Other large portions of revenue include General State Aid ($1.9 million, 7.1%), State Grants ($1.6 million, 6%), and Federal Grants ($1.2 million, 4.5%).
The Districts largest expenditures include salaries ($15.8 million, 56.6%), Benefits ($4.2 million, 15.1%), Special Education ($1.9 million, 7%), Debt Service (1.7 million, 6.2%), and Supplies and Materials ($1 million, 3.6%).
Click Here to view the District’s 2017-18 budget.