The District 87 school board recently passed a $10 million working cash fund bond to make up for the lack of certainty over money coming from the state. Superintendent Barry Reilly says the interest could be in the neighborhood of $200,000.
He says no one wants local taxes to rise, but he says state budget uncertainties make the move prudent. The question marks include the prospect of tax caps, a possible change in the school funding formula, and a potential shift in pension responsibilities.
Reilly says, but for legislative and gubernatorial inaction, the district would likely not be bonding to cover debt. "Absolutely," he says. "If we knew where things were landing, we could plan for that. But right now, it is difficult to plan when there are so many unknowns. When asked if the $200,000 interest payment (or whatever the amount the payment turns out to be) can be laid directly at the feet of Governor Rauner and the legislature, Reilly responded, "Absolutely."
The new law covering discipline in schools goes into effect in the fall semester