2018 Tax Levy Presentation - November 19, 2018
Working Cash Bond Presentation - October 15, 2018
This information was presented at the October 15, 2018 School Board Meeting to help determine the best course of action moving forward for Peotone CUSD 207U in regards to working cash bond issues.
The Board voted to proceed with issuing working cash bonds to provide $4.4 million in proceeds (half of what was originally being considered). The goal is for this to cover anticipated operational deficits for FY2020 and FY2021 while the district makes plans to put a referendum question on the ballot in March 2020. The goal of a referendum would be to increase the operational tax rate to provide necessary funds to run the district without the use of working cash bonds in the future.
The possibility of voters approving an increase in the limiting tax rate comes at an opportune time because it coincides with referendum debt issued to build Peotone High School being fully repaid, meaning a rate increase would be partially or completely offset by the automatic reduction of the Bond and Interest portion of the tax extension.