PUBLIC NOTICE
The Board of Education of Woodland CCSD 50, Lake County, State of Illinois, will hold a Public Hearing to receive testimony regarding its application for a waiver from Section 17-1.5 of the School Code (Limitation of Administrative Costs).
The hearing will be held at the Educational Support Center, 1105 N. Hunt Club Rd., Gurnee, Illinois, 60031, on Thursday, May 23, 2024 at 7:00 p.m.
Why is Woodland seeking this waiver?
Prior to approval in September of 2023, the Woodland CCSD 50 FY24 budget did not take into account the recently enacted GASB 87 rule in which leases are now considered debt. When accounted for correctly, the Woodland CCSD 50 budget reflects an amount that is within the 5.0% Administrative cost threshold guidelines. Woodland CCSD 50 is seeking this waiver as the result of an accounting error and to ensure compliance with School Code 17-1.5 (Administrative Cost Limitation).