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player ready...Pleasantdale Elementary District 107 will tap into its cash reserves to fund the school system and limit the financial impact on taxpayers.
District 107 expects to draw $1.1 million from its reserves to cover its $14.3 million in expenses for the 2015-16 fiscal year. Even with tapping into its reserves, the district is expected to end the fiscal year with an overall surplus of $12.6 million — 84 percent of its estimated Fiscal 2016 expenses.
“It still puts the district in a very good financial position,” Catherine Chang, business manager for the district, said.
The increase between last year’s actual expenses and the proposed 2016 expenses is 4 percent, Chang said
Of the district’s expected $13.1 million in revenue, 93.9 percent of that is from property taxes, tuition and rental fees.
The local portion of district funding has continued to inch upward, board President Mark Mirabile said.
“Even though it is relatively close, that number is growing,” Mirabile said. “I recall at one point it was down there at 91 percent many years ago.”
District revenue last year came in 2.9 percent under budget, at $12.7 million, because of the collection of money being down 5 percent, Chang said.
Expenses are expected to rise 9 percent in the district, increasing from $13.1 million to $14.3 million. Most of that increase is attributed to rising salary and benefit costs, Chang said.
“We will continue to spend frugally,” she said.
The district’s expenditures last year came in 6.5 percent under budget, at $13.1 million, with special education services and transportation both coming in lower than expected, Chang said.
The education fund takes up the lion’s share of expenditures in the 2015-16 budget, capturing 71.5 percent of the budget,
Chang noted that the district will be debt-free in fiscal year 2020, having paid off all of its bonds.
She noted 63 percent of the district’s budget is contractual obligations, with the teacher salaries and benefits being the biggest part of that figure.
Kevin Beese is a freelance writer for Pioneer Press.