Board approves final budget for 2015-16
At a meeting on September 28, the Glenbrook High School District 225 Board of Education approved the final 2015-16 budget. The 2015-16 budget projects $115,332,518 in revenues and $118,544,483 in expenditures in the Operating Fund. This is the first time in recent years that the district has put forth a deficit budget of $3.2 million in order to address capital improvements and debt certificate payments. However, this represents a balanced budget for educational operations for programs and services.
"The district has discussed the implementation of a deficit budget to fund our infrastructure needs through annual operating transfers," said Assistant Superintendent for Business Hillarie Siena. "We are transferring $3.2 million needed to cover our non-operating expenses from operating reserves, with no diminishment in the level of services for our students."
Based on the tentative budget for 2015-16, the district forecasts an Operating Fund balance of $74 million, or 60.2 percent of next year's expenditures, as of June 30, 2016.
"In 2005 when the community generously supported a referendum, the Board promised taxpayers that for a period of ten years all construction projects and educational programs and services would be adequately funded by this measure," said Board President Skip Shein. "Now, in 2016, we've not only met that promise, we have exceeded it and expect to remain on sound financial ground for the foreseeable future."
The District is 96 percent locally funded, primarily through property taxes with less than 4 percent of funding provided by state and federal sources (compared to the average Illinois school district which receives approximately 38 percent from the state and 9 percent from federal sources). This structure gives District 225 taxpayers greater control over the quality and value of their schools. It also ensures a favorable credit rating and protects the schools from severe fluctuations in revenues from both state and federal sources, which could result in the elimination of programs.