TOPIC 3: A Commitment to Fiscal Responsibility Recent Updates

District 58 developed a community-driven Strategic Plan in 2018. One of the plan’s primary goals was “Securing the Future.” This goal broke down into two categories: Facilities and Finance.  Through the Finance goal, District 58 completed the following financial action steps to better position the District for future financial success and, recognizing the need for a referendum, to decrease the total referendum ask:

The Board of Education operates a Financial Advisory Committee, which advises District 58 on its finances. District 58 expanded this committee’s membership and increased its meeting frequency to offer more opportunities for community members with financial expertise to provide input on the District’s finances.

District 58 restructured the small amount of debt it had to capture an interest rate under 1%, which will save taxpayers approximately $390,000. The District also issued $3 million in bonds at low interest rates for summer 2021 capital work.

District 58 created a fund balance policy of 35% to better manage capital funds, and developed a Five-Year Financial Plan to ensure fiscal stability and transparency. District 58 has also delivered a balanced budget for the past four years, and has prioritized producing balanced budgets for the future.

District 58 sold the Longfellow facility and entered a partnership with the Village of Downers Grove on a shared office space. Check back for part 4 of our series to learn how this was a fiscally responsible decision!

Thank you for reading our District 58 Finance Facts series! View the full series at www.dg58.org/financefacts. Data sources: District 58 Annual Report, District 58 Board Briefs Icons created by Flaticon.com via: Eucalyp, Freepik, Smashicons, catkuro, juicy_fish, Flat Icons, rip, Design Circle, Prosymbols, Rashad and Aranagraphics.