There’s good news in a proposed budget amendment for Indian Prairie School District 204.
Instead of spending $13 million on facilities work this year from a dwindling capital projects fund, the district now plans to spend double that amount — $26 million — thanks to a referendum voters approved in November.
Matt Shipley, chief school business official, presented an amended 2024-25 budget during the Monday, Jan. 13 school board meeting, saying the only changes came to reflect “the referendum’s impact on the current budget.”
Referendum-funded work now underway
The referendum authorized the district to borrow $420 million, to be funded by keeping the bond and interest rate on the property tax levy flat, instead of allowing it to decrease when existing bonds are paid by the end of 2026.
The district already has borrowed roughly $15 million of the referendum-approved amount, issuing a bond in December at what Shipley described as a “very competitive interest rate” of 2.92%. The first payment on this bond is due in July, so it will fall under the district’s 2025-26 budget.
With initial “seed funding” from that first bond, Shipley said the district is moving fast and making progress on high-priority projects to take place this spring and summer. Among these are $10 million of safety and security improvements to entrances at 10 elementary schools and auditorium updates at Waubonsie Valley High School.
Future spending plans
The tentative budget amendment update still calls for $435 million in operating expenditures this school year, leaving a surplus of $221,280. Shipley said year-to-date spending and income both are tracking in line with projections.
The district plans to take out loans through a few more bond issuances in the coming years, paying them back at a steady total cost of about $25.5 million a year. This influx of money will allow the district to spend as much as $80 million on facilities work during several of the next five years.
The spending will fund projects in the five referendum priority areas of safety and security, infrastructure, learning environments, parity and operational efficiencies.
“It’s great. It’s going to support all of our buildings,” school board President Laurie Donahue said about the referendum. “I’m grateful it passed. It needed to pass.”
Amended budget vote scheduled
Even though the only changes to the budget are on the capital side — not because of any change in revenue or costs for day-to-day operations — the school board still needs to approve the amended budget before it’s official. Shipley said the vote is scheduled to take place after a public hearing during the board’s Feb. 24 meeting.
The tentative amended budget can be viewed on the district’s website.
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