District 181 to Abate Money to Taxpayers Due to Sound Financial Planning, Reduced Expenditures
Rick Engstrom, Assistant Superintendent of Business and Operations, shared at the Monday, Feb. 8, D181 Board of Education regular business meeting that money will be abated back to District taxpayers due to the District's sound financial planning and efforts to reduce expenditures.
"Adequate financial planning is necessary to operate the schools and provide the highest quality educational programs possible, consistent with the financial resources available," Mr. Engstrom said. "We're especially pleased to share the news of an abatement during a time when many families have been financially impacted by the pandemic."
Based on the current Fund Balance Strategy, the District identified the opportunity for abatement and discussed details with the Finance and Facilities committees. Mr. Engstrom explained that the Board should target an audited fund balance of not less than 30% and not more than 50%, representing approximately 90-180 days of total expenditures. After setting allotments aside for future projects such as the need for a new District Administrative Center and the District Insurance Fund, the Finance and Facilities committees recommended abating the Operating Fund in the amount of $311,100 and the Bond and Interest Fund in the amount of $6,439,350. This would provide the average Hinsdale home of $858,775 a tax savings of $621.