District 66 Adopts 2007-2008 Budget

At the September 25, 2007 Board of Education meeting, the Board adopted the District’s budget for the 2007-2008 school year. During this year we anticipate receiving a total of $12,951,613 in all funds. These funds breakdown as follows:

Education Fund = $9,507,990
Operations and Maintenance Fund = $1,407,623
Bond and Interest Fund = $865,000
Transportation Fund = $674,000
IMRF/Social Security Fund = $326,500
Working Cash Fund = $170,500

The Education Fund is the largest District fund and the majority of revenues go into this fund. Revenues come from three main sources: local, state and federal. Among local resources placed in the Education Fund for the 2007-2008 school year include:

Real estate taxes = $6,941,000
Interest on investments = $300,000
Lunch program receipts = $187,250
Textbook fees = $95,000
Donations and other sources = $480,000

Revenues from the State of Illinois placed in the Education Fund include:

General State Aid = $429,000
Special Education reimbursement = $431,735
Bilingual Grant = $ 12,186
School Improvement Block Grant = $45,000
Reading Improvement Block Grant = $49,302
Medicaid reimbursements = $85,000
Replacement tax = $85,000
Other State Grants and reimbursements = $40,000

Revenues from the Federal government placed in the Education Fund include:
Title I/Low Income = $87,785
Title II/Teacher Quality = $24,069
Title IV/Drug Free = $3,014
Title V/Innovative Programs = $1,638
Lunch Program = $26,000
Federal Special Education Flow Through = $149,500
Other Federal Grants and reimbursements = $35,511

The following summarizes the breakdown of revenue sources in the Education Fund of the 2007-2008 school year budget:
84% of all revenues are from local sources
12 % of all revenues are from state sources
4% of all revenues are from federal sources

At a future date, I will review the other operating funds.