SYCAMORE – Sycamore School District 427’s $46 million budget for fiscal 2020 shows the district’s financial standings are balanced going forward.
The budget, approved unanimously Tuesday by the District 427 Board, shows the district estimates revenue for fiscal 2020 to come in at $46.6 million, and expenditures to total $46.5 million, with an $89,500 difference.
This is the third year the Sycamore district has operated with a balanced budget after they began a three-year deficit-reduction plan in 2016.
In 2018, the board passed a balanced budget that did not require a deficit reduction plan for the first time in years. The deficit reduction plan continues for fiscal 2020.
District 427 began its three-year deficit reduction plan in fiscal 2016 to help reduce expenses by about $6 million to get to a balanced budget, after almost a decade of financial woes which included the housing decline in 2008.
Board President Jim Dombek said the spending problem worsened when the district was not receiving money from the state as fast as it would’ve liked and the district realized it couldn’t afford to continue deficit spending while state funding remained uncertain.
The budget breakdown for fiscal 2020 shows 62% of the district’s revenue comes from property taxes, and 23% from state financial aid packages. Salaries make up more than half of the district’s expenditures, with benefits taking 17%, documents show.
Source: The Daily Chronicle