By Laura Katauskas
Staff Reporter
The Valley View Community Unit School District 365u will move forward with an overall budget of $286 million for the 2017-2018 school year, continuing its technology learning initiative while remaining financially stable.
According to Assistant Superintendent Gary Grizaffi, the budget is balanced, using a small portion of the district’s reserves to support some expenses not covered by revenue.
The lion’s share of the budget covers salaries and benefits, with a 3.6 percent increase in labor costs; salaries for the additional instructional technology coach positions and staff, including teachers, bus drivers and monitors for the expanded Early Childhood Center.
Grizaffi further pointed out expenditures to include the continuation of the district’s 1:1 technology initiative utilizing a lease-purchase for Chromebooks and information technology solutions; a $2.4 million scheduled debt service payment; an increase budget for outside placement tuition to $410,000; the addition of $75,000 to replace three driver’s education cars; $68,000, representing 75 percent of the cost for crossing guards in Bolingbrook that were paid for by the village in the past.
The district’s budget shows operating funds at approximately $241 million, with the majority coming from local resources $193.1 million; state funding at $60.43 million; and total federal dollars at $18.55 million.
Grizaffi also reported that the district still does not definitively know what it will receive in terms of State funding. For purposes of the budget, the district assumed just one change in General State Aid; incorporating an additional $1.6 million of GSA was modeled in the last available printout of the impact of SB 1947.
Similar to last year, the district projects a year-end balance of 94 days cash-on-hand reserves. According to Grizaffi, the 90-day State-recommended reserve threshold is the minimum balance which would allow the district to meet its obligations such as payroll and vendor payments on time. The reserve keeps the district from having to consider short term borrowing options (TAWS), as well as provides a positive position to the bond rating agencies.