District 15 to present updated five-year financial forecast in October

District 15 typically presents its updated five-year financial projections in September. However, during the Board of Education’s September 12 meeting, Superintendent Scott Thompson announced that, in an effort to make the forecast as accurate as possible, the presentation will occur this year at the Board's next regular meeting, which will be held on Wednesday, October 10, at 7 p.m. at Walter R. Sundling Junior High, 1100 N. Smith Street, Palatine.

Mr. Thompson emphasized that the new teachers’ contract negotiated this spring by the Board and the Classroom Teachers’ Council appears to balance the District’s budget within four years, if not sooner. However, he said, in order to present a clear and accurate picture of the District’s strengthened long-term economic position, the District must finish calculating the extent of the savings generated by the agreement.

At this point, he said, it is still too early to accurately tell how much money the District will save as a result of recently implemented changes to employees’ health insurance plans. Also, because the District just finished hiring all of the teachers it needed to begin the school year, it is only now beginning to tabulate the long-term savings that will be produced by its new two-tier salary schedule.

Similarly, in a month, it will have a better calculation of the savings stemming from contract provisions that provide for the District to reduce its total number of general education program assistants by 25 percent through attrition rather than generating that savings by reducing their hours. The District will also receive its final audit results from the 2011-12 fiscal year prior to the Board’s October meeting.

“When the District has all of these numbers,” said Mr. Thompson, “it will be able to create five-year projections that more accurately reflect its financial outlook.”

-Story Submitted by Community Consolidated School District 15