CEDAR LAKE | The Hanover School Corp. is slated to adopt its $24.4 million budget Oct. 14.
The business meeting is at 6 p.m. at Hanover Community Schools administrative offices, 9520 W. 133rd Ave. in Cedar Lake.
Superintendent Thomas Taylor, Eric Kurtz, the corporation's director of business services, and School Board members discussed the figures at a public hearing earlier this month.
All numbers are tentative until a review by the Department of Local Government Finance, after which the budget will be finalized. The total 2015 budget is estimated $24,401,350, and the corporation’s total tax levy is $7,876,272.
The 2015 general fund, the largest of the budget’s funds which supports teacher salaries and other vital functions within the district, has been proposed at $14.5 million. General fund money is supported by revenue sharing from the state, based on enrollment.
The budget’s debt service fund is set at $3.7 million and backed by a tax levy of $2.85 million. Exempt service debt is estimated at $3.75 million, with a levy of $3.3 million. Exempt pension debt is estimated at $170,000 in 2015, with a levy of $144,641. The fund for school capital projects has been estimated at $1.6 million, with a levy of $884,865,
The transportation fund, the budget’s second smallest, is estimated at $556,750, its levy at $493,483. The bus replacement fund is at $224,600, and a levy at $177,459. Bus replacement is on a 12-year replacement cycle, Kurtz and Taylor said. The district might replace two buses this year.
It might also acquire two smaller vehicles which teachers or staff members who do not have a commercial driver’s license will be able to drive.
Following the hearing, Board President James Sakelaris asked if trustees could be given information for when parents and residents inquire about the budget. Funding is strictly regulated by state statute, and it would be helpful if board members had a source readily available by which they could explain to residents why money from one fund can’t be transferred to another, he said.