Financial Overview

The District’s financial objective is to provide an optimum educational program for all students while maintaining a balanced budget and respecting the taxpayers' ability to support such a program. The District has consistently received “Recognition” financial ratings, the highest rating given by the Illinois State Board of Education.

Property taxes are Salt Creek District 48's main source of revenue. The District maintains a fund balance (cash on hand), as required by the State Board of Education, to avoid costly short-term borrowing for emergency repairs and late tax payments. The District develops a balanced budget each year that prioritizes using tax revenue to support general and special education instruction. This includes purchasing curricular materials, classroom supplies, equipment, and specialized services, as well as transportation, maintenance, and repairs.

A portion of the tax revenue received each year is used to build up savings for our facilities' ongoing upkeep and repair, but there are not sufficient reserves to fund these safety, security, and educational improvements without issuing taxpayer-approved bonds. Delaying the work would not be practical because the needs are current, and construction prices increase annually.

Responsible Steward: District 48 is a responsible steward of taxpayer resources, prioritizing the District’s limited funding for facilities and educational programming. This includes doing regular building maintenance to extend the expected life of the schools and reduce costly emergency repairs. Since 2011, the District has consistently earned the highest financial designation from the Illinois State Board of Education, receiving a “Recognition” ranking in the statewide profile that evaluates fiscal solvency and sound financial management.

Reserves: The District is required by State and Board policy to maintain a minimum fund balance of 15-20% of operating expenses to meet Illinois State Board of Education (ISBE) fiscal stability requirements. Cash on hand is needed for emergencies, including unexpected repairs and delayed tax payments. The District will be investing $4 million from the reserves to offset a portion of the capital improvement costs. However, the cash on hand is not sufficient to fully fund the safety, security, accessibility, and educational needs. If reserves were depleted, the District could have to resort to costly short-term borrowing if tax payments are received late or emergency repairs are needed.

Property Taxes: D48 relies on property taxes for 90% of funding, with much smaller percentages of revenue coming from State, Federal, and other sources.

Tax Rate: D48 currently has the second-lowest tax rate among elementary school districts in both Cook and DuPage Counties and would likely maintain that position even if taxpayers approve the ballot measure.

Project Cost and Tax Impact

Cost: The estimated cost of the proposed projects is $52 million. The District is requesting taxpayer approval to issue bonds in the amount of $48 million to be repaid over 25 years. The District will invest approximately $4 million of its resources to help fund the remainder of the proposed projects.

Tax Impact: Voters are being asked to approve the sale of $48 million in bonds to fund District improvements. The District’s financial advisor, Raymond James, estimates that the average annual tax impact for a home valued at $325,000 will be $381.00/annually. A tax calculator is available below.

District 48 has the second lowest tax rate in DuPage County!

District 48 Revenue Summary

District 48 Expenditure Summary

90% of revenue is derived from local (residential and business) property taxes.

District 48 efficiently and responsibly allocates the District's funds to impact our classrooms directly.

Tax Calculator - Average Annual Impact

Enter your "Fair Market Value" below and press the CALCULATE button at the bottom.

To find your "Fair Market Value", click on this link for the DuPage County Property Records Search

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