Preliminary Budget Overview 2022-23
Explore the preliminary budget for the fiscal year 2022-23, including key changes, total revenue, expenditures, and operating funds breakdown. Learn about the adoption process, revenue sources, expenditure details, and fund balance projections. Stay informed about the financial status of the organization.
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Presentation Transcript
2022-23 Preliminary Budget AUGUST 22, 2022
Budget Team Mick Willis, Chief Financial Officer Carla Eman, Director of Budgets and Compliance Jasah Dwyer, Chief Accountant
Requirements for Requirements for Adopting the Budget Adopting the Budget Public notice Public notice published week of August 22 Public display of amended budget - 30 days Put on public display by August 23 Public hearing by the Board of Education Scheduled for September 26 Board adoption of amended budget Scheduled for September 26 Total Revenue - $361,032,292 Total Expenditures - $358,771,546
Key Changes Reflected in Key Changes Reflected in Preliminary Budget Preliminary Budget Evidence-Based Funding up $3.4 million (typically increases $2.4 million per year) Corporate Personal Property Replacement Taxes Up $ 3 million (7.5% increase projected by State; unprecedented increase that we not expect to continue in the future) EAV (property values) $18 million of expired TIF properties hitting tax rolls County Facility Sales Tax trending at $4.8 million Various grant changes Total Long-Term Debt: $157 million
2022 2022- -23 Preliminary Budget: Operating 23 Preliminary Budget: Operating IMRF/ SOC SEC TOTAL OPERATING FUNDS ED O&M TRANS 29,068,500 22,000,000 5,725,747 71,033,713 70,695,875 6,402,753 7,500,000 2,561,101 3,500,000 2,950,000 6,781,547 190,000 Revenues Property Taxes Replacement Taxes State Grants Evidence Based Funding (GSA) Federal Sources 60,400,000 294,685,213 44,813,901 33,190,000 8,675,747 71,033,713 71,097,875 - 402,000 - 2,167,977 3,303,500 - 2,500 Other 5,473,977 - 60,400,000 261,091,812 "On Behalf of" Payments Total Revenues 17,206,253 9,413,101 6,974,047 113,518,606 20,276,375 30,355,260 31,329,334 6,310,810 1,727,612 60,400,000 7,870,654 1,370,631 4,193,050 1,103,636 371,350 22,000 5,055,630 695,936 796,000 1,011,000 1,021,500 5,369,144 - Expenditures Salaries 60,400,000 126,444,890 27,712,086 35,344,310 33,443,970 7,703,660 1,727,612 Benefits Purchased Services Supplies and Materials Capital Outlay Other Objects Non-Capitalized Assets Termination Benefits "On Behalf of" Payments - - - - - - - - - - - - - - 22,000 263,917,997 14,931,321 8,580,066 5,369,144 292,798,528 Total Expenditures Revenues over (under) Expenditures (2,826,185) 2,274,932 833,035 1,604,903 1,886,685 Bond Sale Fund Transfer - - 21,230,183 18,403,998 1,439,570 3,714,502 115,500 948,535 2,427,292 4,032,195 Fund Balance Beg of Yr July 1, 2022 End of Yr (projected) 25,212,545 27,099,230
2022 2022- -23 Preliminary Budget: Non 23 Preliminary Budget: Non- -operating operating Debt Service CAP Projects WORK CASH TORT LIFE SAFETY GRAND TOTAL 18,362,442 3,881,386 8,000,000 - 640,275 7,623,034 1,000,000 640,275 72,079,927 38,071,386 16,675,747 71,033,713 92,491,042 10,280,477 60,400,000 361,032,292 21,393,167 - - 2,000 4,801,000 2,000 1,000 500 - 18,364,442 38,075,553 642,275 8,624,034 640,775 21,789,196 - - - - - 33,827 2,122 2,125,000 32,418,167 3,376,987 2,514,719 2,003,000 1,350,000 - - 129,855,704 30,228,927 39,772,310 33,443,970 41,471,827 23,576,808 60,400,000 300,000 - - - - - - - 60,000 - - - - - - - - 22,000 21,789,196 34,579,116 - 7,954,706 1,650,000 358,771,546 (3,424,754) 3,496,437 642,275 669,328 (1,009,225) 2,260,746 - - 3,490,000 (3,490,000) 13,358,610 13,423,856 17,674,811 17,681,248 26,878,266 27,520,541 (146,402) 522,926 1,500,000 490,775 84,477,830 86,738,576
2022-23 Operating Funds Revenues 5% 21% Property Taxes Replacement Taxes 32% State Grants 7% Evidence- Based Funding 4% Federal Sources Other 31%
2022-23 Operating Funds Expenses 3% 1% 16% Salaries Benefits Purchased Services 51% Supplies and Materials 15% Capital Outlay Other 14%
Next Steps Budget will be posted: On District website At reception desk September 26, 2022 Public Hearing Board approval
