St. Charles School District 303 is projecting a budget deficit of about $400,000 in an overall budget of nearly $210 million next fiscal year, according to district documents.
On Thursday, the Board of Education's Business Services Committee reviewed the final draft of the district's fiscal year 2014-15 budget, which projects an overall 2.16 percent increase in revenues and 2.11 percent increase in expenditures, according to the documents.
About 82 percent of all the funds increase are due to salaries and benefits, the memo said.
The projected deficit of $402,891 is due to shortfalls in the district's debt service and tort funds, said Seth Chapman, assistant superintendent for business services.
Chapman said the district's deficit in the debt service fund is due to the tax abatement passed by the board in March, a move that is saving taxpayers about $1.88 million.
"The abatement will in essence lower our revenue coming in," Chapman said, adding that the loss would be covered by education fund reserves.
Salaries and benefits continue to be the district's highest cost, accounting for 71.2 percent — or roughly $149.5 million — of all expenditures. Taxes represent about 70.7 percent of all revenues, with state, other local and federal aid coming in at 23 percent, 4.1 percent and 2.2 percent, respectively.
The full board will hold a public hearing on the proposed budget at its Aug. 11 meeting.
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