Board Adopts Revised Budget Within Tax Cap; Revote Set for June 21
At a meeting on May 23, the Elwood School District Board of Education adopted a revised budget plan to present to voters on Tuesday, June 21, following the defeat of the initial budget proposal. The revised plan falls within the district’s tax levy cap of 0.657 percent and represents a reduction of $432,810 in expenses from the original spending plan.
Reductions were made in a number of areas, including $150,000 in administrative expenses and salaries.
“Since the Board of Education adopted the initial budget back in mid-April, the district has received more information that allows us to make more solid financial projections for 2016-17,” said Assistant Superintendent for Business Keri Loughlin. “For example, our transportation contract has since been renewed, allowing for a reduction in transportation costs of approximately $32,000 from the original proposal.” In addition, the Board has agreed to use an additional $100,000 in fund balance from what was initially included in the budget plan.
“While utilizing additional fund balance to offset expenses, the budget will likely not assist in the goal of resolving the District's designation of under ‘fiscal stress;’ however, the budget does not directly impact student programs for the 2016/17 school year,” said Superintendent Peter Scordo.
An updated newsletter detailing the revised budget will be sent to all residents in the coming weeks. Additional budget information can also be found on the district’s website under the “2016-17 Budget Information” quick link.
A budget hearing has been set for Tuesday, June 7, at 7:30 p.m. in the Elwood Middle School auditorium. All residents are invited to attend to hear about the proposed plan in detail. The budget revote will be held on Tuesday, June 21, from 2-10 p.m. at Elwood Middle School. Since the revised budget falls within the district’s tax levy cap, a simple majority of voters (50 percent plus one) is needed for approval