District 15’s 2012-13 budget approved, posted online
The District 15 Board of Education approved a budget for the 2012-13 fiscal year during its August 8 meeting. The document can now be viewed online in its entirety at www.ccsd15.net | Our Services | Business and Auxiliary Services | Financial Documents | School District 15 Budget, July 1, 2012–June 30, 2013.
The budget outlines approximately $140.8 million in operating funds revenues and $145.8 million of operating funds expenditures resulting in an estimated $5 million deficit—a deficit roughly half the size of the $10 million figure projected at this time last year. Still, that $5 million shortfall is projected to reduce the District’s June 30, 2013, fund balance to approximately $47 million, or 32.7 percent of the District’s budget.
The budget approved by the Board changed from the tentative plan presented in June, which projected a $3.7 million deficit. The revised budget proposal, with its $5 million deficit projection, accounted for many of the changes that resulted from the District’s new contract with the Classroom Teachers’ Council (CTC), as well as many other economic developments that have occurred over the summer.
Michael Adamczyk, District 15’s assistant superintendent for business and auxiliary services, noted that the changes related to the contract are expected to produce greater savings for the District in years to come, and he emphasized that those projected savings will be more thoroughly explained when he presents updated five-year financial projections during the Board’s next regularly-scheduled business meeting.
That meeting will be held Wednesday, September 12, at 7 p.m. at Walter R. Sundling Junior High, 1100 N. Smith Street, Palatine.
For more information, contact Michael Adamczyk, assistant superintendent for Business and Auxiliary Services, at 847-963-3032 or adamczm1@ccsd15.net.
-Story Submitted by Community Consolidated School District 15
Charles Johnson
11:30 am on Wednesday, August 22, 2012
Adamczyk may want to review his 2.8% CPI assumption for his levy revenue assumption. The current CPI stands at 1.4% and is sinking like a stone. If it goes any lower, and it probably will, the district could have $1.5 to $2 million shaved off its revenue assumptions for each year under the new 5 year forecast. Unfortunately, they locked in a 4 year labor contract that prevents them from adjusting their labor costs to meet the reduction in expected revenue. Combine that with continued pro-ration of state revenues and the pending imposition of some kind of "pension reform", its quite possible that the current $5 million deficit may actually be considered a "good" year.