CCSD62 Financial Scope
The District 62 Board of Education approves a budget each fall for the purpose of guiding staff on how dollars are spent to support instructional programs for students.
The process of creating the budget for the upcoming school year is one that begins in January. Through routine management of the district’s resources the district has maintained a strong fund balance.
Financial Highlights:
• District 62 has maintained “financial recognition” status by the Illinois State Board of Education for the last 18 years. Financial recognition is the highest designation for a school district to receive.
• Since 2009, the district has maintained a bond rating of AA+ with Standard & Poor’s, which is the second highest credit rating that an elementary school district can achieve.
• Supplemental funds come in the form of federal grant dollars that are used to support our students of financial need as well as our English Learners and Special Education students.
• The Board of Education abates over $8 million on the Debt Service Levy annually by paying for the 2019 bond obligation through operating funds. It also abates the Recapture Tax levy, which varies between $800,000 to $2.1 million annually.
•In December 2023, the Board of Education decided to intentionally under levy on its annual levy adoption, which will save taxpayers approximately $3 million.
•After many years of prudent fiscal management, the district is going to use its fund balance to enhance education programs, including full day kindergarten.
Unaudited Actuals for Fiscal Year 2023, Ended June 30, 2023
| FUND | REVENUES | EXPENSES |
|---|---|---|
| Educational |
$82,909,264.64 |
$75,683,922.03 |
| O&M |
$21,968,669.28 |
$10,791,389.87 |
| Debt Service |
$36,158.76 |
$8,163,000.00 |
| Transportation |
$5,486,111.72 |
$4,050,734.38 |
| IMRF |
$1,604,870.37 |
$1,019,798.38 |
| Social Security |
$1,592,881.07 |
$1,542,670.51 |
| Capital Projects |
$298.11 |
$0.00 |
| Working Cash |
$1,004,010.16 |
$0.00 |
| Tort |
$583,656.19 |
$507,921.00 |
| Life Safety |
$1,777.42 |
$0.00 |
| TOTAL |
$115,187,697.72 |
$101,759,436.60 |