McHenry Times

Jennifer Porter, Chief Financial Officer, gave a final overview of the 2023 budget for the board's approval at the Sept. 27 District 300 Board of Education meeting.

“Tonight, we're going to go through a brief overview of the assumptions, projected revenues and expenditures, and what are expected fund projections are," Porter said. "First and foremost, I want to let you know that this budget is designed to support our students to discover, innovate and succeed."

The only change from the original proposed budget, which was approved as the tentative budget, was a increase in corporate personal property replacement tax by $2.1 million and an increase in evidence-based funding of about $3.8 million. These revenues were the only change, with all other incomes and expenditures remaining the same as the original estimates.

While all state and local sources of revenue for the district have increased since the previous year, the federal revenue decreased by 4.43%, likely because of the end of ESSER funds around the corner. The overall revenue for the district still increased 9.53% since 2022, mostly due to the tax cycle in the area.

The expenditures for the school district also increased since 2022, however only by 6.88%, less than the increase in revenue. Over 70% of the expenditures for 2023 are for salaries and budget, with a 5% increase over the past year, and an 11.66% increase in all other expenditures. The district is estimating a surplus of almost $10 million for this year’s budget.