District 53 Budget Information

2007-08 Budget Reports
FY 2007- AFR
Revs, Exp, Tax Shelt, Borrow,
Bonds, Cost,, PCTC
FY 2007-Audit
 

Each year, in compliance with Illinois law, the district creates a budget that documents revenue sources and planned expenditures by funds. Legally, the adoption of the budget provides authority for taxation and for expending money, and provides managerial information for use by state and federal agencies as well as the district’s board of education and administration.

The Illinois Program Accounting Manual for Local Education Agencies, a publication of the Illinois State Board of Education, specifies categories of local, state and federal revenues and expenditures. These categories provide the framework for the budgeting and accounting of funds in all public school districts in the state.

A “fund” is a division of the budget for specific activities and objectives. Each fund is subject to laws and regulations to assure that money in that fund is used for the purposes specified for it in the law and the school district budget. The largest fund in the budget is the education fund, which supports the primary mission of the district—teaching and learning. Each line item in the education fund budget supports educational services to students. The major funds of the budget are listed below.

Fund Description
Education The largest fund for instruction-related items
Operations & Maintenance For upkeep of buildings and grounds
Bond & Interest Used solely for the payment of debt
Transportation For costs associated with busing
Municipal Retirement For the district’s share of required payments
Social Security For the district’s share of required payments
Site & Construction A fund used when needed
Capital Improvements A fund used when needed
Working Cash For funds Dedicated to provide a cash cushion
Rent For payments For leased buildings or equipment
Fire Prevention & Safety For eligible code-required building projects