Lake Forest ElementarySchool District 67
BudgetAt AYour Guide to the District 67 2026-2027 BudgetGlance
↓
Investing in Strong Starts and Bright Futures
From a student’s first experiences in early childhood through the transition to high school, District 67 provides the educators, programs, and learning environments that help every student grow.
This Budget at a Glance explains where funding comes from, how it is used, and how decisions are made collaboratively with student needs and long-term planning in mind. Ensuring quality outcomes and sustainability for our community are especially important because local taxpayers provide nearly all of the District's funding.
Matthew L. Montgomery, Ph.D.
Superintendent
Jennifer Hermes, Ph.D.
Chief Operating Officer, CSBO
District 67 By the Numbers
in Math proficiency among Illinois non-selective elementary school districts
in ELA (reading) proficiency among Illinois non-selective elementary school districts
Moody's Investment Services Bond Rating (15th consecutive year)
How the Annual Budget Takes Shape
Each year, District 67's annual budget process begins in March. It starts with an assessment of enrollment, class sizes, staffing, and school needs, followed by administrative, committee, Board of Education, and public checkpoints. The budget cycle below reflects our annual planning process.
Annual Budget Oversight Process
Keeping the Budget on Track
Accountability spans the full budget cycle. Principals and administrators, the Board, and its Finance Committee review priorities during development, while Business Services tracks, analyzes, and reports on monthly activity post-adoption. At fiscal year-end (June 30), the team completes state reports, reconciles District 115 shared services, facilitates the audit, and updates five-year projections.
Follow Our Updates
- Monthly public financial reporting
- Board meeting materials
- An independent annual audit
- Beyond the Budget videos and The Bottom Line resources that explain school finance in plain language
A Budget Shaped by Students and Schools
While the district’s primary operating expense is staffing, our budget approach is student-centered. Projected enrollment, class-size needs, and learning priorities shape fiscal collaboration with every school and department, empowering leaders to prioritize the services, resources, supplies, and tools to support learners from early childhood through eighth grade.
Turning School Requests into District Investments
- 1
Student Need Assessment
Enrollment projections by grade and school set the baseline, guiding class sizes, staffing, and support needs.
- 2
Internal Budget Discussions
Department leaders and building leadership meet with Business Services to explain how their programs and buildings 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 employee by employee, including staffing changes, retirements, leaves, and shared-service credits.
- 5
Reviews and Approvals
The administrative team, Finance and Operations Committee, and Board review assumptions, trade-offs, and long-range effects before final adoption.
Local Revenue Sources Support Student Learning
FY27 REVENUE (excluding DSEB & HLS funds)
| Local Revenue Source | Amount | Share |
|---|---|---|
| Property Taxes | $45,699,104 | 93.3% |
| Interest Earnings | $1,000,000 | 2.0% |
| Food Service | $939,500 | 1.9% |
| Student Fees (Transportation, Textbooks, Activities) | $709,000 | 1.5% |
| Corporate Personal Property Replacement Tax and Other Local Revenue (Rentals, Impact Fees) | $637,890 | 1.3% |
| Total Local Sources | $48,985,494 | 100.0% |
Local Support Sustains District 67
Property taxes provide the majority of District 67 revenue. Additional local sources include investment earnings, tuition, transportation and registration fees, and facility rentals. State funding is limited in part because the formula considers local property wealth; federal grants are comparatively small and often restricted to specific purposes.
Staffing and Services Drive Budget Expenditures
Outside the Capital Projects and Fire Prevention & Safety funds, the FY27 tentative budget includes $51.1 million in planned expenditures. Salaries and benefits account for 70.5% of the District's operating expenditures, underscoring why enrollment and staffing assumptions are central to the budget.
| Expenditure Category | Tentative Amount | Share |
|---|---|---|
| Salaries and Benefits | $35,666,506 | 70.5% |
| Purchased Services | $7,531,752 | 14.9% |
| Debt Service | $3,565,315 | 7.0% |
| Supplies and Materials | $2,640,845 | 5.2% |
| Capital Projects (non-DSEB and HLS) | $551,000 | 1.1% |
| Other | $643,412 | 1.3% |
| Total Operating Expenditures | $50,598,830 | 100.0% |
What Do 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. 88.6% of District 67 staff are covered by collective bargaining agreements, providing predictable, multi-year cost assumptions. The District's collective bargaining agreement with the Lake Forest Education Association (LFEA) expires in 2030, and its agreement with the Service Employees International Union (SEIU) expires in 2027.
District 67 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.
Facilities and Capital Planning
District 67's facility story is one of planned reinvestment across three elementary schools and Deer Path Middle School. The long-range capital improvement plan and state-required 10-year Health and Life Safety survey help the District balance improvements to learning environments with critical infrastructure work while actively working to avoid a ballot initiative for these costs. Capital investments are managed separately from ongoing operations so the community can clearly track what is being spent, when, and why.
Scheduled Investments in Our Schools
The tentative Capital Projects and Fire Prevention & Safety fund budgets include $11.9 million in planned expenditures for 2026-2027, funded through the District’s long-standing capital reserve strategy.
Deer Path Middle School
Roofing
HVAC improvements
Final cafeteria work, including new restrooms
Upgraded energy-efficient exterior windows
Sheridan School
Roofing
HVAC improvements
Everett School
Electronic door locks
New lunch tables
Cherokee School
Roofing
HVAC improvements (pending Board approval)
Essential Work Behind the Scenes
Beyond major projects, facilities work includes custodial services, preventive maintenance, HVAC and mechanical systems, repairs, seasonal preparation, building events, and the overall health of school buildings and grounds. Much of this work happens out of sight, but it protects the learning environment every day.
District 67 Board of Education
- Mr. Gregory Adamo, Board President
- Ms. Monica Yaun, Board Vice President
- Ms. Lori Fitzgerald, Board Secretary
- Ms. Megan Engelberg, Board Member
- Mr. Jerold Lavin, Board Member
- Mr. Mark Pickett, Board Member
- Mr. Mark Remus, Board Member