Ballot Language for Nov. 8 Referendum Question
Finance Presentation (revised 9/27/16)
Community Meetings on Referendum FAQ's (from 7-8:30pm):
• October 4 - La Grange Public Library, located at 10 West Cossitt Avenue in La Grange.
• October 6 - La Grange Park Public Library District, located at 555 N. La Grange Road in La Grange Park.
• October 12 – St. Francis Xavier Parish (Joyce Hall), 124 N. Spring Avenue in La Grange.
New Financial Projections
La Grange School District 102 is posting new financial projections dated 9/27/17 based on activity at the State level, a proposed FY17 budget, and changes to the fund balances based on the FY16 audit. Due to an audit entry in FY15 based on revenue from bond proceeds, the operating fund balance in previous projections had been artificially inflated. During this year’s audit process, the auditors reversed that entry to pay for the costs of capital projects during the year, reducing the operating fund balance by $3million and increasing the capital projects fund by $3million. While significant, it does not change the current financial need for the referendum. Currently, there is not a State plan for a TRS Cost shift, shifting the State's liability of the TRS System to school districts, nor is a property tax freeze in current discussions at the State level.
With this new information we have posted the new financial projections for the District showing the impact on the District 102 Fund Balances with a $3million referendum (Green Bar), with no referendum (Yellow Bar), and with no referendum and the impact of potential TRS cost shifts and a potential future 2 year tax freeze (Red Bar).
FY2017 Projected Budget (Red)
FY2017 Projected Budget (Green)
FY2017 Projected Budget (Yellow)
June 8, 2016 Board of Education Presentation (Financial Projections)