Goal 1:

Create a long-range plan to fund capital projects identified in Facilities goals. District 103’s Strategic Plan, Vision 2020, outlines this need using the specific actions below:

  • Determine the costs of necessary capital projects.
  • Determine options to fund capital projects identified in Facilities goals, including consideration of using existing capacity.

As part of the Facilities Focus Area/Goals identified in the Vision 2020 Strategic Plan, the Board of Education approved moving forward with the next phase of planning for facility improvements on September 15, 2015:

  • Additions to Half Day School and Laura B. Sprague School; and
  • Moving grade 5 from Daniel Wright Junior High School to Half Day School.

A budget plan to fund the identified costs of these improvements was developed and reviewed during the Community Engagement process in August 2015.

  • District reserves and financing options identified $13.3 million available without additional funds through referendum:
    • $3.4 million in Working Cash Bonds
    • $6.9 million in Debt Certificates
    • $3.0 million from Cash Reserves for Capital Projects
  • The financing plan was revised in October 2015, in order to achieve:
    • Lower long-term cost
    • Lower impact to operating funds (lower yearly cost to the budget)
  • Revised financing for the $10.3 million:
    • Issued in October 2015: $4.4 million in Working Cash Bonds (increase by $1 million)
    • Issued in March 2016: $5.9 million in Debt Certificates (decrease by $1 million)