Effingham Community Unit School District 40

This document outlines a comprehensive fiscal restructuring plan designed to generate approximately $1.2 million in savings over two academic years, covering 2025-2027. The plan's primary objective is to proactively address rising healthcare costs and declining state and federal funding while enabling a significant investment in teaching and support staff compensation. Key strategies include identifying specific cost reductions across administrative, certified, and classified sectors, along with allocating substantial new funding for payroll and benefits. The overarching goal is to ensure long-term financial stability, provide competitive wages and benefits, maintain safe facilities, and foster an optimal learning environment.

The public hearing is to approve a proposed property tax levy increase for 2025. The corporate and special purpose property taxes are proposed to increase by 14.0% over the previous year, while property taxes for debt service and public building commission leases are estimated to decrease slightly. Overall, the estimated total property taxes to be levied represent a 14% increase compared to the previous year.

The Board of Education convened a special public meeting to consider a resolution for the payment of the District's outstanding Debt Certificates, Series 2025, prior to maturity. The resolution was presented, discussed, and subsequently adopted. The resolution authorized the transfer of funds to Midland States Bank to cover the principal and interest on the Certificates, with the intention of redeeming them on July 1, 2025.

The Board of Education convened to consider the adoption of a resolution regarding the issuance of $38,000,000 funding bonds. The resolution details the claims authorized and allowed for school purposes that are currently outstanding and unpaid. It declares the intention to issue bonds to cover these claims and directs that notice of this intention be published as required by law. The board also addressed the possibility of a petition requesting the proposition to issue said bonds be submitted to the voters of the District.

The budget includes estimated beginning and ending fund balances, receipts/revenues from local, state, and federal sources, and disbursements/expenditures for various functions such as instruction, support services, community services, and debt services. It covers multiple funds including Educational Operations & Maintenance, Debt Service, Transportation, Municipal Retirement/Social Security, Capital Projects, Working Cash, Tort, and Fire Prevention & Safety. Key areas of focus include ad valorem taxes, payments in lieu of taxes, tuition, transportation fees, earnings on investments, food service, district/school activity income, textbook income, and other revenue from local sources. The budget also details state and federal grants, special education funding, career and technical education, bilingual education, transportation, and early childhood programs.