Enabling Phase
Construction Progress
100% completed · 0% remaining
Payments
96.7% completed · 3.3% remaining
BudgetAt AYour Guide to the District 115 2026-2027 BudgetGlance
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A Budget Built in Service to Students and Our Community
The annual budget translates our financial philosophy of integrity and impact into practice. It is a shared commitment to responsible, values-driven decisions for our students, staff, families, and community.
This Budget at a Glance provides an overview of our 2026-2027 budget, including how we listen to educators, align resources and staffing with enrollment and student interests, and sustain high-quality programs, exceptional staff, and safe learning environments to ensure long-term stability for our students, District, and community.
Matthew L. Montgomery, Ph.D.
Superintendent
Jennifer Hermes, Ph.D.
Chief Operating Officer, CSBO
D115 By the Numbers
99th Percentile
Avg. ACT Score among IL Non-Selective Enrollment Districts
AAA
Standard & Poor’s (S&P) Global Bond Rating (23rd consecutive year)
96%
Students participating in activities and/or athletics
A System of Accountability and Transparency
The District 115 Board of Education adopts one annual budget, but that outcome develops through a year-round process of conversations, reviews, and public checkpoints. The budget cycle below reflects our annual planning.
Annual Budget Oversight Process
STARTING JAN. · Staffing/Program Modifications
Accountability in Every Stage
Accountability spans the full budget cycle. Administrators, the Board, and its Finance Committee review priorities during development, while Business Services tracks, analyzes, and reports on monthly activity post-adoption. After fiscal year-end (June 30), the team completes state financial reports, reconciles District 67 shared services, facilitates the audit, and updates five-year projections.
Follow Our Work
- Monthly public financial reporting
- Board meeting materials
- An independent annual audit
- Beyond the Budget, a video series that explains each phase of our annual budget cycle in plain language
- The Bottom Line, an annual community publication taking a closer look at school finance
A Collaborative Approach to Budget Development
Staffing drives our budget, but student needs shape every decision. Learner preferences guide our collaboration with department leaders, empowering them to prioritize the key resources, tools, and services that elevate the Scout experience.
Inside the Budget Process
- 1
Student Needs Assessment
Student choice, measured through enrollment and course selection, helps determine course offerings, staffing, and where changing participation may create a new need.
- 2
Internal Budget Discussions
Department leaders meet with Business Services to explain how their programs operate, why a request is needed, and how it connects to students and District priorities.
- 3
Internal Budget Research & Review
Business Services reviews historical spending, vendor information, alternatives, and whether equipment or capital needs belong in a multi-year replacement cycle.
- 4
Staff Projection & Modeling
Human Resources and Business Services model salaries and benefits for employees, including staffing changes, retirements, leaves, and shared-service credits.
- 5
Reviews and Approvals
The administrative team, Finance and Operations Committee, and Board review assumptions, competing priorities, and long-range effects before final adoption.
Revenue Reflects Strong Local Investment
$68.7 MILLION
2026-2027 REVENUE EXCLUDING THE REFERENDUM CAPITAL PROJECTS FUNDS
- Local96.8%
- State2.3%
- Federal0.9%
| Local Revenue Source | Amount | Share |
|---|---|---|
| Property Taxes | $58,894,268 | 88.56% |
| Interest Earnings | $1,225,000 | 1.84% |
| Community Education/Little Scouts Preschool | $1,846,000 | 2.78% |
| Other Local Revenue (Rentals, TIF, Impact Fees) | $1,260,132 | 1.89% |
| Corporate Personal Property Replacement Tax | $571,199 | 0.86% |
| Food Service | $1,385,000 | 2.08% |
| Student Fees (Transportation, Textbooks, Activities, and Summer School) | $1,322,500 | 1.99% |
| Total Local Sources | $66,504,099 | 100.00% |
Why Local Funding Matters
Local property taxes are collected in spring and fall and provide the majority of District 115 revenue. Additional local sources include investment earnings, tuition, facility rentals, and student-related fees. State funding is limited in part because the formula considers local property wealth, while federal grants are comparatively small and often restricted to specific purposes.
Expenditures Highlight Investment in People
The 2026-2027 approved budget includes $69.8 million in total operating expenditures. Salaries and benefits account for 61.5% of this total. Operating expenditures also include $13.3 million in debt service, including the final payment on the 2006 referendum bonds scheduled for November 2026.
Expenditure breakdown
- Salaries and Benefits61.5%
- Debt Service19.0%
- Purchased Services11.5%
- Supplies and Materials5.0%
- Other1.7%
- Capital Outlay (non-referendum)1.3%
| Expenditure Category | Amount | Share |
|---|---|---|
| Salaries and Benefits | $42,941,339 | 61.5% |
| Debt Service | $13,325,165 | 19.0% |
| Purchased Services | $8,019,240 | 11.5% |
| Supplies and Materials | $3,459,382 | 5.0% |
| Other | $1,167,538 | 1.7% |
| Capital Outlay (non-referendum) | $905,839 | 1.3% |
| Total Operating Expenditures | $69,818,503 | 100.0% |
What Does Purchased Services Include?
Purchased services support specialized education, student transportation, professional services, utilities, legal services, food service, and second-shift custodial work.
How are Salaries and Benefits Determined?
Salaries and benefits are the largest share of the operating budget. 88.9% of District 115 staff are covered by collective bargaining agreements, providing predictable, multi-year cost assumptions. The District's agreements with the Lake Forest Education Association (LFEA) are in effect through fiscal year 2028 and with the Lake Forest High School Support Staff Association (LFHS SSA) through fiscal year 2027.
District 115 participates in the Northern Illinois Health Insurance Program (NIHIP), a cooperative of 40+ area school districts that reduces risk and lowers costs for the District and our employees.
Capital Investments Protect 90+-Year Legacy
In April 2023, community voters approved a $105.7 million referendum to preserve, protect, and modernize Lake Forest Community High School. The plan balances learning-space improvements (48% of the project) with critical infrastructure work (52%) in a building that first opened in 1935. This investment is managed separately from ongoing operations and allows the community to clearly track what is being spent, when, and why.
CompletedRemaining
Phase 1
Construction Progress
73% completed · 27% remaining
Payments
72% completed · 28% remaining
Phase 2
Construction Progress
0% completed · 100% remaining
Payments
71% completed · 29% remaining
Safe Schools are Daily Work
Beyond major construction, facilities work supports preventive maintenance, mechanical systems, repairs, seasonal preparation, building events, and the overall health of the school and grounds. Much of this work happens out of sight, yet protects the learning environment every day.
Follow Our Work
- 2023 Referendum dashboard, an all-in-one resource to track spending and project progress
- Under the Hard Hat, a student-hosted video series providing ongoing project updates.
District 115 Board of Education
- Mr. John Noble, President
- Ms. Anne Geraghty Helms, Vice President
- Ms. Amy Connell-Donohue, Secretary
- Ms. Gail Gamrath, Board Member
- Mr. Robert Silvay, Board Member
- Mr. Dewey Winebrenner, Board Member
- Ms. Jenny Zinser, Board Member