November 28, 2016

District 203’s Financial Forecast

At District 203’s latest board meeting, finances were in focus.

The meeting began by honoring some of Naperville North’s top performers both in the classroom and on the field. Those recognized included Jason Xia who received the only perfect score on the AP Physics exam in the world, and the state champion girls cross country and boys soccer teams.

Later, administrators presented the district’s Five-Year Financial Forecast, which has a positive outlook.

“We have fine-tuned and updated the projections, you will now notice that we are predicting balanced budgets into the future,” said District 203’s Chief Financial Officer, Brad Cauffman.

The balance can be attributed to things like stable salary rates, tighter budgeting and new growth coming into the district.

“We know from discussions with our local assessors that we have a very tight estimate of $37 million coming in to this next year, which will generate about $1.9 million in new revenue for the district,” said Cauffman.

And while 86 percent of the district’s revenue comes from taxes, the 2016 tax rate is actually expected to decline.

The 2015 levy came in around 5.3 percent, but the 2016 levy is estimated to be at 5.16 percent. This can be attributed to an increase in property values and property growth.

Administrators are also recommending that the district abates the debt service levy, resulting in savings for tax-payers.

“We would expect our average existing tax-payers to recognize a $40 per year savings or about 0.7 percent decrease on their taxes,” added Cauffman.

The board has until their March 6 meeting to decide on abating.

Without the abatement, the average taxpayer would see a $45 increase in taxes.

Naperville News 17’s Evan Summers reports.

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