NAPERVILLE — Homeowners in Naperville School District 203 can expect to see taxes go up from the 2014-15 budget that’s under review.
The School Board on Monday got its first look at the $296.6 million budget that could mean a $206 increase in property taxes for a homeowner with a $375,000 home, according Brad Cauffman, District 203 chief financial officer.
Superintendent Dan Bridge said Monday’s presentation was the first of four discussions of the 2014-15 budget. More time will be set aside at by the School Board on May 19, June 2 and June 16 to pore over the budget. A budget hearing is scheduled June 16 at the Administrative Center, 203 W. Hillside Road, prior to the board vote on the document.
Copies are of the 2014-15 budget are on file at the Adminstrative Center or can be viewed online at the district website under BoardDocs.
Cauffman said 2014-15 budget expenditures total $296,595,596, a 3.13 percent increase over prior year. Revenues are projected to rise 5.19 percent to $302,617,406. Budget estimates call for an end-of-year fund balance of $141,342,894 and cash reserves of 18 percent
The largest budget item is personnel costs which make up 80 percent of total expenditures, Cauffman said.
Total staff payroll for 2014-15 is budgeted to rise by 5.66 percent over last year because the number certified teachers will increase by the equivalent of 4.25 full-time positions.
Cauffman said the increase is due largely to the addition of 11 teachers to bring all-day kindergarten to the seven remaining elementary schools: Highlands, Kingsley, Maplebrook, Meadow Glens, Prairie, Ranch View, and River Woods. Because of enrollment decreases elsewhere, the district was able to cut the number of instructional staff by the equivalent of 6.75 positions and reduce the net gain to 4.25 overall.
In addition to payroll, benefits are budgeted to increase 9.42 percent due mainly to the anticipated increase in medical insurance premiums of 5 percent.
Student fees will remain unchanged.