Highlights from the meeting include:
Assistant Superintendent for Business Todd Drafall opened the Budget Workshop with the reminder that the budget process begins with the District’s mission, vision and strategic goals to guide the allocation of resources. Notable impacts to the District’s 2019-20 budget include the addition of 9.8 full-time equivalent (FTE) staff positions over the previous year’s staffing levels, a new science curriculum, the added cost of transportation to accommodate weekly early release for professional development, a projected 14 percent increase in health insurance costs, a 4.5 percent increase in transportation contract costs, and $1.7 million in expenditures and off-setting revenue for playground updates funded in the State of Illinois fiscal year 2020 budget.
The tentative 2019-20 budget is balanced and includes $73.6 million in revenues and an equal amount in expenditures. The majority of District 58 revenues come from local sources, with local property taxes, both residential and commercial, comprising 78 percent. The District’s most significant expenditure goes toward employee salaries and benefits.
Drafall highlighted the importance of increasing the District’s fund balances in the future to deal with low cash flow periods. $29 million in revenue comes in after 92 percent of the year is complete. The Board discussed the need to begin budget planning early to build up reserves that can prevent the need for short-term borrowing and be used for contingencies. Superintendent Dr. Kevin Russell stated that the administration can estimate a target amount to assist the Board in setting a fund balance goal. Dr. Russell further recommended that the Board adopt a fund balance policy for subsequent school years.
The Board will hold a budget hearing on Monday, Sept. 9 at 7 p.m. at Village Hall. The Board is expected to vote on the final 2019-20 budget during the regular September Board business meeting, which will take place following the budget hearing.
- Friday, September 6 at 7 a.m.: Financial Advisory Committee Meeting at the ASC
- Monday, September 9 at 7 p.m.: Regular Board Meeting at Downers Grove Village Hall
District 58 Board of Education members are: Darren Hughes, president; Greg Harris, vice president; Kirat Doshi, Emily Hanus, Steve Olczyk, Jill Samonte, and Tracy Weiner, with Dr. Kevin Russell, Superintendent; and Melissa Jerves, Board Secretary.