Lincoln-Way 210 Board of Education Approves $113 Million Budget

NEW LENOX, IL —At its Aug. 13 meeting, the Lincoln-Way 210 Board of Education adopted its fiscal year 2021 budget of $113 million. According to a release, the district budget is prepared using fund accounting as prescribed by Governmental Accounting Standards Board in accordance with state laws, regulations promulgated by the Illinois State Board of Education, and Generally Accepted Accounting Principles.

The district broke down some budget numbers, including:

• Total budget revenue = $120,634,800; 7.71 percent increase over prior year’s actual revenue.

• Total Budget Expenditures = $113,030,650; 5.25 percent increase over prior year’s actual expenditures.
• Net Transfers In = $5,000,000 Health Insurance funds (net of claim run-out)
• Net Change in Fund Balance = $12,604,150
• Estimated Ending Fund Balance as of June 30, 2021 = $40,625,129

“The newly adopted budget will continue to support the operations of the District, including debt service payments. It will also provide future funding for District-wide capital projects by setting aside $3,350,000 into the Capital Projects Fund," Assistant Superintendent of Business Services/CSBO Bradley Cauffman said in a release.

“This budget will provide the resources necessary to enhance our excellent educational opportunities, but more importantly, Lincoln-Way has achieved a planned budget surplus for four years in a row,” said Superintendent R. Scott Tingley.