After board members requested the information at their previous meeting, administrators presented two new models of their Five Year Financial Forecast to the board, both of which included a prior proposed state level property-tax freeze that would affect the district’s levy in 2017 and 2018.
The first model had the freeze, and assumed a continued abatement of the debt service levy.
“If we were to receive this property tax freeze, the district would lose $37.4 million over the next five years. And would impact our fund balance with a reduction of an estimated 16 percent,” explained Chief Financial Officer with District 203, Brad Cauffman.
Under this model, the district’s budgets would be balanced, except for in fiscal year 2018.
The second model included the freeze, and no future abatement of the debt service levy.
“We would have a five year reduction in revenue of $22.1 million, which would impact the fund balance an estimated 9.7 percent over that five years,” added Cauffman.
This would result in balanced budgets for the next five years.
These numbers are all hypothetical, as a property-tax freeze has not been voted on by the state legislature.
Naperville News 17’s Evan Summers reports.
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