The District 203 Board of Education approved their budget for the 2018 fiscal year. Included in the budget is the pay off their 2008 bonds to the tune of $9.5 million, which accounts for 31 percent of the district’s outstanding debt.
“Budgeting to make this one time payment of the bonds will result in this year’s budget, fiscal year 18, running a deficit of $2.43 million,” said Chief Financial Officer with District 203, Brad Cauffman. “However, this deficit draws on funds previously saved by the district for this purpose, for this one time payoff. If the district was not making this onetime payoff of $9.5 million on the bonds, the district would actually have a surplus total of $7.6 million.”
Total revenue is expected to be just over $275 million, a nearly one percent increase from the previous year.
Expenditures, including the bond payment, will be just under $278 million; also included in that total is increased staff and programs to close achievement gaps across the district.
The board is also working to fill the position left open by Mike Jaensch, who resigned to relocate for work. 30 people applied and the board will now conduct interviews with qualifying candidates.
A new member will be selected by their next meeting on July 17.
Naperville News 17’s Evan Summers reports.
