ST. CHARLES – St. Charles school board’s Business Services Committee took a final look Thursday at St. Charles School District 303’s fiscal 2013-14 budget before a public hearing Aug. 12.
School officials anticipate revenues to total $205,699,250 for that fiscal year, with expected expenditures to total $206,194,600. Officials anticipate a year-end deficit of $495,350, leaving more than $73 million in the district’s fund balance.
District Chief Financial Officer Brad Cauffman said the $495,350 deficit is due to two factors. A tax abatement caused a deficit in the Debt Service Fund, which will be covered by that fund’s balance. The district’s Tort Fund also has a deficit because the related tax levy was decreased because that fund’s balance was exceeding the recommended amount.
Cauffman said the state restored nearly all transportation funding, adding back about $600,000 that will go toward capital renewal for the district’s buses. He said taxpayers may be able to expect some savings in fiscal 2018-19, when officials expect an approximately $16.2 million drop in a bond and interest levy. He said someone who owns a home valued at $300,000 could save about $630 annually.
“When we get to that tax year levy, we anticipate seeing that drop,” he said.
The fiscal 2013-14 budget is on public display and there will be a public hearing Aug. 12, with final budget adoption planned for that night.
The public may view the final budget at the district’s administration center, 201 S. Seventh St., St. Charles, from 8 a.m. to 3 p.m. beginning July 1 for at least 30 days. A copy will also be at the St. Charles Public Library, 1 S. Sixth Ave., St. Charles.