New Trier places 2014-15 budget on display

Officials at New Trier High School recently provided an update on the district’s proposed 2014-15 budget, with an eye on approving the final budget next month.

“This is an update from where we were at in June and where we’re at right now, when we wrap up and put the budget on display,” Finance Director Cheryl Witham told the School Board July 21.

During the preliminary budget presentation in June, operating fund revenues were estimated to be $96,746,695, but are now projected to increase by $1,234,435. Operating fund expenditures are expected to increase by $1,135,134, to $97,698,631.

As a result of the changes, a net increase of $99,301 is expected to be added to the year-end surplus, which increases the total expected year-end surplus to $282,499, before transfers.

During the June update, property tax revenue was increased by $40,000, and remains unchanged since. New property added to the 2013 tax levy came in at $25 million, rather than the estimated amount of $20 million.

Interest income remains the same from June projections, but is expected to decrease $48,000 compared to the prior year’s budget, due to the low interest rate environment.

Salaries reflect an increase of $83,000 from the June projection, primarily based on finalized staffing numbers. Employee benefits have also increased by $44,000 when compared to the June prediction.

Design costs associated with the proposed Winnetka campus renovation are included in the budget, but final costs depend on whether the Board decides to proceed with the project later this month.

“If we vote on Aug. 14 to go forward then we go into schematic design and are on the hook for $1 million,” said Board Member Greg Robitaille. “If we don’t go forward, it’s only $500,000.”

Non-operating fund expenses include $260,000 for remaining life safety projects and the continuing Americans with Disabilities Act construction project of $3,744,452.

The Board of Education approved placing the tentative budget on public display leading up to final approval. The tentative budget is available to view at local libraries and the District’s website, www.newtrier.k12.il.us.

A public hearing on the 2014-15 budget will be held at the regularly scheduled board meeting Sept. 15.

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