L-W D210 Adopts $106.6M Budget For 2019

FRANKFORT, IL — A new school year means a new fiscal plan for Lincoln-Way High School District 210. Last week, the school board adopted a $106.6 million for the 2019 fiscal year.

The new budget comes on the heels of last month's approval of the district's major source of revenue: its property tax levy. In August, the board set the levy at $67.3 million — a 4.06 percent hike over last year — and homeowners will probably see an average increase of 2.1 percent on their property taxes, according to the district.

But tax anticipation warrants will be needed to make up for a more than $18 million shortfall, the Daily Southtown reports. The district will issue no more than $20 million in TAWs with 2.75 interest from Old Second Bank , down from the bank's original 2.95 rate, the report stated.

Issuing warrants isn't new for the D210, which had $30 million in TAWs in 2016, the report added. Warrants cover expenses for a district while it waits for property taxes to be collected.

Patch went through the district's 2019 and spotlighted some of the important figures.

Lincoln-Way High School District 210 2019 Budget: By the Numbers

$109,424,662

District revenue for 2018. That's a 2.52 percent decrease compared to the $106,666,000 in the 2019 budget.

3.14 percent

District revenue increase between 2017 and 2018.

10.85 percent

Estimated decrease in money from the state for the 2019 budget. The district received around $10.8 million from Illinois in 2018, but it's only expected to see about $9.6 million in 2019.

$65 million

Estimated spending for the district's educational fund, a 3.3 percent increase. Around 60 percent of the district's expenses are charged to this fund.

4.78 percent

Approximate increase in spending between the 2018 and 2019 budgets. The district spent $101.7 million last year.

$16.1 million

Estimated spending for the district's debt services fund. Money from this area goes toward the repayment of the 2006 bonds issued to pay for the construction of Lincoln-Way North High School, which the district shuttered in 2016, a year after the school system was put on the state's financial watch list. The district will continue to be responsible for debt payments on the bonds until 2033.

$47,175

Net change in the district's fund balance. The ending balance as of June 30, 2019, is estimated to be $20.6 million.

Go to the website for District 210 to look at the school system's 2019 budget.

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Image via Lincoln-Way High School District 210