BATAVIA – Batavia School District 101’s budget for 2013-14 shows a $365,470 surplus.
Batavia school board members Tuesday voted to approve the budget, which shows revenues of $81.1 million and expenses of almost $81 million.
There were no public comments made about the budget before board approval.
The district is set to collect $57 million in property taxes, an almost 6 percent increase from last year.
Most of that increase stems from property that was in a tax increment financing district in Aurora that included Chicago Premium Outlets Mall, said Kris Monn, the district’s assistant superintendent for finance.
That district expired in 2012.
A TIF district allows the amount of tax revenue a taxing district receives from the area to be frozen at current levels.
A TIF district can be in place for up to 23 years. Monn said the TIF district is conservatively estimated to bring in more than $4.2 million in new operating revenue during 2014, with $2.1 million being applicable to the 2013-14 budget.
Other major revenue changes in the 2013-14 budget include an increase of $106,000 in general state aid, an increase of $1 million in the transportation reimbursement and a $253,000 drop in federal revenues because of the sequester.
About $51 million in salaries and benefits are included in the tentative budget.