- Lincolnshire–Prairie View School District 103
- Financial Sustainability
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)