District 203 is using Site and Construction funds totaling $32.7 million – where did that come from?
The Site and Construction Fund was created in 2006 with the land sale of Walnut Woods for $5.8 million. District 203 added $6.2 million to that in 2007 (from operating funds) and plans to add $10 million in 2008, $4 million in 2009, $5 million in 2010, and $.2 million in 2011. The remainder ($1.5 million) is interest income on the balance. The amounts added by District 203 each year are based on year-end budget revenue over expense. In 2008, an additional $5 million over that planned (total of $10 million shown above) was added due to higher interest income and increased state grants. Projected revenue exceeding expense in 2009 through 2011 is based on projected reductions in health insurance costs based on a recent plan change and salary costs set by recent contractual agreements.
