CUSD 200 fund balances

Since the district is planning on spending the money in reserves plus money each year for a new building, after two failed referendums, it occurs to me that we should know: HOW MUCH IS IN RESERVES?

 

From the 2017 referendum information, current bond payments (shown in grey shaded background) peek in 2022, drop significantly in 2023 and go to zero starting 2024.  Our property taxes should decrease in 2023 and 2024!

bond repayment now proposed 2017

 

Next, I looked at the total for end-of-month funds on hand and graphed the last  year and a half:

 

end of month2017We know the bulk of the school district revenue comes from property tax, which is due in two installments (June and September).   The low point for funds on hand is in May (possible exception when bonds are sold in the spring).

So I looked at what was the funds on hand at the end of May for the last few years.

May 31, 2014    $20,596,100
May 31, 2015    $10,616,841
May 31, 2016    $12,174,223
May 31, 2017    $6,340,890

We also know the district has not reduced other spending.  So, my fear is that they will spend money on hand for this new school, and then need to borrow to pay for other necessities,.

 

I believe they should agree to cut other spending first, so that the new building can be paid for using already existing funds along with all other necessities and come to the taxpayers with a third, affordable referendum.

Cutting spending should start with Dr. Schuler offering to reduce his benefits (they just signed a new contract with an end of contract bonus)

see: dupagewatchdog.org/2017/12/cusd-200-lavished-dr-schuler-with-more/

Then administrators giving up the end of year bonus and paying their own pension contribution.

And finally, teachers giving up the end of career bonus (They already pay their pension contribution).

If all that is done, the district can afford a new building and I’ll even help pass a no tax increase, new building referendum.

 

3 thoughts on “CUSD 200 fund balances

  1. Jan spoke at the board meeting, prompting the question of why were we so low in May. Staff confirmed that May is always he low point for fund balance and added that last May the State had made only 1 out of 4 payments.
    I checked the 2016-2017 budget.
    state payments expected for:
    education fund $14,156,400
    Operations & maintenance $300,000
    transportaion fund $4,078,000
    Total from state $18,534,400

    If all of these funds were behind (not sure) the state would have been behind by $13,900,800.

    Currently they say the state is up to date.

  2. Looking at actual vs budget for 2016-2017,
    general state aid was a total of $6,183,000.
    Since he did not give a dollar amount, nor do I have taken the time to go line-by-line rough the posted information, I am not sure how far behind the state was. Could be as low as $4,637,250. (3/4th of $6,183,000)

  3. I received a reply from district staff: “In FY17, each state quarterly categorical payment was approximately $2.8M for a yearly total of $11.2M. General State Aid payments are a separate allocation and the payments were made on time.”
    I’d like to thank them for the quick reply.
    3 late paymeents = 3 * $2.8M = $8.4M
    If they had been made on time, end of May should have been $14.7M

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