At the latest District 203 Board of Education meeting, officials discussed their recommendations on finances.
Chief Financial Officer, Brad Cauffman, presented the board with a proposal of how the district would cover this year’s payment on the debt from issued bonds and the effect it would have in the future.
“We would collect that levy, and then in 2018 we would pay off the remaining $9.5 million bonds that would save the district $3.2 million in interest expense on those bonds,” said Cauffman.
In a 2008 referendum, voters approved going $43 million in debt to fund work needed for three of the district’s schools.
In 2009 and 2013, the board voted not to abate the debt levy, leaving the district to collect taxes from property owners.
In the three other years since 2008, the board gave taxpayers a break, abating the levy, and taking money out of the education fund to make the $3 million payment.
Cauffman notes that if the board decides to go that route this year, their cash balances could possibly drop below 10% of the district’s guidelines.
The school board will make their final decision at the March 16 meeting.
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