Oswego Community Unit School District 308

Oswego Community Unit School District 308 is dedicated to responsible and transparent financial management that supports the success and well-being of students, staff, and community. 

 

Here, you’ll find resources and insights into how the district allocates funds, prioritizes investments, and plans for the future. SD 308 strives to balance fiscal responsibility with the need to provide high-quality educational programs and essential resources. 

 

Your understanding and engagement in this process are valuable as we work to maintain a strong financial foundation that benefits every student and ensures sustainable growth for years to come.

 

 

 

 

 

Understanding the unique way that school finance operates can be overwhelming. To assist in the basic understanding of revenue sources, funds, restrictions and more, the Illinois Association of School Boards has created a guide: IASB About School Finance.

 

A Tax Anticipation Warrant (TAW) is a short-term financing tool that allows local governments to manage cash flow when tax revenues are received periodically, but daily operational expenses continue. Oswego Community Unit School District 308 has relied on this method for years due to historically low cash reserves. However, in 2023, for the first time, the district avoided this costly borrowing, resulting in substantial savings on interest expenses.

 

 

 

The school district’s collaborative budgeting process is a thoughtful and inclusive approach that seeks input from all parts of the organization to build a budget that accurately reflects the district's financial needs, aligns with its goals, and maximizes the efficient use of resources.

 

• Property values: Total assessed value of all taxable property in a school district.
• Tax rates: Like property values, tax rates play a key role in determining the amount of a school board’s local revenue. Property values are set by the marketplace and the assessor. Maximum tax rates are established by the State of Illinois and can be raised above the maximum only with the approval of voters at a referendum.
• State appropriations and federal aid: Each year the State of Illinois appropriates a fixed amount of dollars for the schools. Some of those dollars fund the Evidence-Based Funding program; some fund special programs. Evidence-Based Funding is designed to “equalize resources,” funneling the greatest amount of aid to districts with the lowest property values. The size of the annual appropriation determines the level at which resources are equalized. Because that level is lower than the actual cost of running schools, school districts must also rely on additional property tax, state and federal aid, and income from other sources.
• Enrollment: Costs and funding both change as enrollment increases or decreases. 

 

 

Budget Planning and Adoption

• Discuss, adopt, and display a tentative budget at least 30 days prior to adoption of the final budget.
• Schedule the public hearing on the budget.
• Direct the publication/posting of the notice of the public hearing.

• Hold the budget hearing and adopt the budget by September 30.
• File the budget with the county clerk(s) within 30 days of its adoption.
• File the budget with the Regional Office of Education
• File the budget with ISBE
• Post the approved budget on the district’s website.