District 55 Brings Funds Forward to Cover Budget

The School District 55 budget for the 2019-2020 school year that was approved last night is not ‘balanced.’ District 55 Chief Financial Officer Rodney Smith said, “This is not a balanced budget. We are using a fund balance carryover from last year.

Including the $286,082 moved into this upcoming new school, year the District 55 budget for 2019-2020 projects revenues totaling $48,175,792. Expenses are expected to total $48,145,792.

A big part of increased expenses for District 55 are the “Step” salary increases for teacher pay, mandated by the state legislature and left to local school districts to fund. That is expected to cost District 55 $1,021,683 in the upcoming school year. The increased cost of fringe benefits in District 55 is budgeted to cost $342,145. Other increases are to cost $191.995.

CFO Rodney Smith stated he anticipates additional revenues for the new school year to total $1,269,741.