Financial Year in Review

Extraordinary Opportunities.              Innovative Teaching.              Exceptional Learning.
Year-in-review

 

 

FINANCIAL YEAR IN REVIEW 2013-2014

 

For 2013-2014, the District continued to build on its financial commitment to our community by maintaining a balanced budget that supports the overall instructional program, sustaining healthy reserve fund balances, and reducing the debt service levy by $2.0 million. With local revenues restricted in accordance with property tax caps and state sources limited based on the continued bleak state fiscal condition, the District has maintained prudent management of its financial resources in order to keep expenditures at or below our anticipated revenue. These constrained budget measures have focused on maintaining lower costs attributed to staffing efficiencies, cost sharing for health insurance, energy savings and bid savings on contracted services, supplies and capital items. As part of a multi-year levy reduction plan, the District reduced the 2013 levy by $2.0 million. The debt service levy reduction provides for the ongoing use of existing reserves to pay a portion of principal and interest on outstanding bonds. Since 2007, the District has reduced the debt service levy by $26.3 million. In addition, existing reserves of $12.0 million were utilized to fund capital improvements on a variety of projects including: main office/guidance area and kitchen remodeling at Conant High School, expanded District-wide wireless access, pool renovation at Conant High School, and asphalt and concrete repairs throughout the District. In Fiscal Year 2014, the District utilized a portion of the general obligation bonds for the purpose of funding required life safety compliance improvements, including roof repairs, replacement of air handling units, boilers, chillers, masonry work, doors and plumbing fixtures at all schools. These capital improvements and life safety compliance projects will continue over the next several years.

 

 

Other pages in the Year in Review section of the Annual Report

Graduation Requirements     Enrollment by Class     Percentage of College-Bound Students     Curriculum Summary     Athletic Summary     Activity Summary     Teacher Preparation and Experience     Financial Year in Review

 

Annual Report 2013-2014 Table of Contents

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Palatine, Illinois 60067-7336
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