In a recent government meeting, officials outlined the fiscal year 2025 budget, projecting total revenues of approximately $792.2 million. Local revenue from property taxes is expected to rise by 3.4%, following a 5% increase last year, while state revenues from evidence-based funding are anticipated to increase by about $25 million. Federal funds, primarily from the ESSER program, will be allocated towards technology, summer school programs, and student fees.

The total estimated expenditures for the budget stand at $858.8 million, with ongoing salary negotiations and a 5% increase in healthcare benefits due to market trends. Notably, the budget includes an additional $135 million earmarked for preventative maintenance and capital projects, including the construction of a new school in Bartlett.

Despite the planned expenditures, the budget reflects a projected deficit of approximately $66.4 million, attributed to one-time capital project costs. Officials emphasized that this is a planned deficit, distinct from a structural deficit, which occurs when recurring expenses consistently exceed revenues. The planned deficit will utilize reserves for non-recurring expenditures aimed at improving school facilities.

The budget prioritizes fiscal equity, allocating funds based on student subgroups to support those in greatest need. Further details will be presented in upcoming Board of Education meetings, and the budget will be available for public review 30 days prior to a public hearing in September. Board members were encouraged to reach out with any questions regarding the budget.