Lincoln-Way High School District 210 ended its 2018 fiscal year June 30 with a surplus of nearly $8 million as it took in more revenues and spent less than expected, officials said.
“We had a very, very successful year. We’re moving in the right direction,” said Superintendent Scott Tingley, adding that there was a surplus of $5 million the previous year.
The district also expects to borrow less to meet operating expenses this year.
The state provided $3 million more in revenue, due to a change in the funding formula and back payments, and there was an additional $1.2 million in property taxes received, as more people paid their taxes early to skirt changes in the federal tax laws.
That will result in less property tax revenues being collected in the new fiscal year, which began July 1, Tingley said.
After years of deficit spending, Lincoln-Way landed on the state’s financial watch list in 2015 and was forced to close one of its four high schools in 2016.
“We did what we needed to do,” said Tingley, saying that with changes in financial management the district in “moving the right direction.”
The proposed budget for the 2019 fiscal year shows less revenues and more expenses, while maintaining an overall fund balance of $20 million, according to district figures.
Overall, revenues for the new year are expected to be $106.6 million, down from $109.4 million the previous year. Expenses are up from $101.7 million to $106.6 million.
The budget shows $2 million more for capital projects, an additional $1.3 million for salaries and benefits and $620,000 more for bond and interest payments.
According to the proposed budget, the education fund increased from $62.9 million to $65 million; the operations and maintenance fund, from $8.4 million to $9.2 million; the debt service from $15.5 million to $16.1 million; and transportation, from $9.5 million to $9.7 million.
In the new fiscal year, the district also expects to borrow $17 million in tax anticipation warrants, down from a high of $30 million in May, 2016, and should save $78,000 in interest this year, according to district data.
“In three years, we will have decreased our borrowing by approximately $13 million,” Tingley said. “This will improve our credit rating while helping us achieve the goal of a 33 percent fund balance of expenditures. The day-to-day finances have been stabilized. We must continue to be diligent as we replenish our fund balances.”
According to figures provided by Assistant Superintendent for Business Brad Cauffman, the district showed a fund balance of 9 percent of its expenses at the end of fiscal year 2018, and its goal is to increase by 3 percent each year, achieving 33 percent by 2026.
The budget will be available for public display Aug. 20 to Sept. 20, with a public hearing set for 7 p.m. Sept. 20.