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Budget Approved for Lincoln-Way
» Karen Haave - New Lenox Community Reporter - September 25, 2008


Lincoln-Way High School officials have finalized and adopted an $89,347,508 budget for 2008-09.

The final budget was a bit lower than the $92 million Superintendent Lawrence Wyllie spoke about in July, when he gave "a rough estimate" of the numbers.

The '08-'09 budget shows a drop in the Bond and Interest Fund rate, to .31 per $100 of assessed valuation.

Projected revenues in the budget are $57,281,840 in the Education fund; $6,513,269 in the Building Fund; $10,693,109 in the Transportation Fund; $12,077,280 in the Bond and Interest Fund; $1,683,404 in the Illinois Municipal Retirement Fund; and $1,098,606 for Tort Immunity.

Projected expenditures for the coming school year are $57,281,057 for Education; $6,487,501 for the Building Fund; $10,691,700 for Transportation; $11,932,911 for Bond and Interest; $1,682,468 for IMRF; and $1,098,290 for Tort Immunity.

Projected net amounts, according to a budget summary provided by the district, are $783 in the Education Fund; $25,768 in the Building Fund; $1,409 in the Transportation Fund; $144, 369 in the Bond and Interest Fund; $936 in IMRF; and $316 in Tort Immunity.

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Fund balances as of June 30, 2008, were $8,648,804 in the Education Fund; $8,746,411 in the Building Fund; $1,289,906 in the Transportation Fund; $6,850,651 in the Bond and Interest Fund; $420,403 in the IMRF; and $239,584 for Tort Immunity.

Projected fund balances at the end of the 2008-09 school year are $8,649,587 in the Education Fund; $8,772,179 in the Building Fund; $1,291,315 in the Transportation Fund; $6,995,020 in the Bond and Interest Fund; $421,339 for IMRF; and $239,900 for Tort Immunity.

Overall, the district will levy a 2007 rate of 1.5345 per $100 of assessment, which compares favorably to its tax rate of 25 years ago, when it was 1.5326. The district's overall tax rate yo-yo'd between 1983 and 2000, when it reached its peak at 1.9389.

Despite building renovations, new schools, and cost increases associated with a rapidly growing student enrollment, the rate has steadily declined since then. Some of that is the result of significant increases in the district's overall assessed valuation, which in 1982 was $293, 326,510, and by 2007 had risen to $3,803,006,802.

At the same time, the district continues to boast outstanding student achievement, even though it still is among the five lowest-spending high school systems within Chicago's six collar counties.

Lincoln-Way spends only $9,195 per pupil. McHenry Community High School District 156 spends $10,062 per student, District 155 Community High School District in McHenry County spends $9,850, Grant Community High School District 124 in Lake County spends $9,520, and Marengo Community High School District 154 allots $9,479 per student.

By comparison, District 113 Township High School in Lake County spends $18,808 per student, Niles Township District 219 spends $18,568, Lake Forest District 115, $18,006, Norfhfield Township District 225 spends $17,988, and Evanston Township High School District 202 spends $17,908.

Two of Lincoln-Way's "feeder" K-8 districts Ð Summit Hill and Mokena Ð are among the five lowest-spending grade school systems, allotting $6,649 and $6,565, respectively, per pupil. Midlothian District 143 ($6,895), Channahon District 17 ($6,304) and Taft District 90 ($6,019) round out the list of lowest spenders.

By contrast, Rondout Elementary School District 72 spends a whopping $23,001 per student, followed by Sunset Ridge ($17,659), Bannockburn District 106 ($17,491), Kenilworth District 38 ($16,916) and Northbrook Elementary District 27 ($15,976).

"With this budget recap of last year, and the (projected amounts) for next year, it shows again that we do not need a tax increase to operate the new buildings, but it will be tight, as we projected," Wyllie said when he initially presented the new budget.

"We told our taxpayers that the Bond and Interest Fund rate would not increase from .34 when we passed the referendum to build the new schools. This report shows that the Bond and Interest rate has decreased to .31."

Wyllie said that the tax rate for the 2007 levy is lower at 1.5345 than last year's 1.6098, with the Equalized Assessed Valuation (EAV) up 12.5 percent. Taxes collected total $58,357,139.

The new budget was adopted during the regular meeting of the board of education on September 11.

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