Lincoln-Way 210 Board of Education Approves Fiscal Year 2021 Budget and Tax LevyThursday, August 13, 2020
The Lincoln-Way 210 Board of Education adopted its Fiscal Year 2021 budget on August 13. After months of planning and two previous reviews of the tentative budget, the Assistant Superintendent of Business Services/CSBO, Mr. Bradley Cauffman, presented the $113 million proposed spending plan.
The District budget is prepared using fund accounting as prescribed by Governmental Accounting Standards Board (GASB) in accordance with state laws, regulations promulgated by the Illinois State Board of Education (ISBE), and Generally Accepted Accounting Principles (GAAP).
• Total Budget Revenue = $120,634,800; 7.71% increase over prior year’s actual revenue.
• Total Budget Expenditures = $113,030,650; 5.25% increase over prior year’s actual expenditures.
• Net Transfers In = $5,000,000 Health Insurance funds (net of claim run-out)
• Net Change in Fund Balance = $12,604,150
• Estimated Ending Fund Balance as of June 30, 2021 = $40,625,129
“The newly adopted budget will continue to support the operations of the District, including debt service payments. It will also provide future funding for District-wide capital projects by setting aside $3,350,000 into the Capital Projects Fund.” said Cauffman.
“This budget will provide the resources necessary to enhance our excellent educational opportunities, but more importantly, Lincoln-Way has achieved a planned budget surplus for four years in a row,” said Superintendent R. Scott Tingley.
Also at the August 13, 2020 meeting, the Board of Education approved the 2020 property tax levy.
The school district levies taxes for two different reasons: 1) District operations and 2) debt service payments on voter approved debt. The operating levy is governed by the Property Tax Extension Limits Law (PTELL), which limits the aggregate tax levy increase to the lesser of Consumer Price Index or five percent plus the tax on new property within the district. Since the December 2019 CPI was 2.3%, the overall increase for existing taxpayers for the operating tax levy will be 2.3% on average.
The debt service payment levy is not limited and will increase as needed to service the outstanding debt. For 2020, the debt service levy is scheduled to increase by 10.54%.
The property tax levy provides more than 76% of the District’s total revenue.