Referendum Update: Dec. 2, 2016
It is with great pleasure and humility that I announce that we have received the official results of the November 8, 2016 Limiting Tax Rate Increase Referendum. While the results did not change substantially from Election Day, the County has 21 days to count absentee and provisional ballots and certify the election. In the end, the referendum passed by 154 votes; YES 50.6% and NO 49.4%. While close, the fact is that it succeeded.
Asking a community for more money is never an easy thing to do or something that is taken lightly. We live in a state with some of the highest property taxes in the country. While we are seeing a more positive outlook in the economy, some families are still living paycheck to paycheck, some are living in homes with upside down mortgages, and others are struggling to make ends meet and live in this community to provide the best education they can for their children.
District 102 is a district that the community is proud of. They value the education that their children receive and most, if not all (whether they voted yes or no) maintain high expectations of the teachers and administration. We still have decisions to make in order to develop a financial model that will maintain balanced budgets, rebuild decimated reserves, and ensure a long-term trajectory of revenue exceeding expenditures.
The Financial Advisory Committee, Board, and other district committees will be involved in various aspects of the financial planning for next year and the five to ten year projections. We will need to reduce our expenditures over the next couple of years to bring our expenditures under our revenue. This will be a process, and one that I think will set us up, both financially and academically, to meet the challenges of the future.
A democratic republic process is messy, and we may not always like the results but, in the end, I believe in the system and I will continue to hold myself, and this district, accountable to this community. Our students deserve the best educational experiences that we can provide for them so that they, too, in the future can pay it forward.
~Dr. Kyle Schumacher, Superintendent
Ballot Language for Nov. 8 Referendum Question
Finance Presentation (revised 11/2/16)
New Financial Projections
La Grange School District 102 is posting new financial projections dated 9/27/17 based on activity at the State level, a proposed FY17 budget, and changes to the fund balances based on the FY16 audit. Due to an audit entry in FY15 based on revenue from bond proceeds, the operating fund balance in previous projections had been artificially inflated. During this year’s audit process, the auditors reversed that entry to pay for the costs of capital projects during the year, reducing the operating fund balance by $3million and increasing the capital projects fund by $3million. While significant, it does not change the current financial need for the referendum. Currently, there is not a State plan for a TRS Cost shift, shifting the State's liability of the TRS System to school districts, nor is a property tax freeze in current discussions at the State level.
With this new information we have posted the new financial projections for the District showing the impact on the District 102 Fund Balances with a $3million referendum (Green Bar), with no referendum (Yellow Bar), and with no referendum and the impact of potential TRS cost shifts and a potential future 2 year tax freeze (Red Bar).
FY2017 Projected Budget (Red)
FY2017 Projected Budget (Green)
FY2017 Projected Budget (Yellow)
June 8, 2016 Board of Education Presentation (Financial Projections)