District 203 Reviews Financial Forecast

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District 203 reviewed their Five Year Financial Forecast at their most recent Board of Education meeting.

With the consumer price index coming in higher than projected, and strong property values, the district’s financial outlook is positive.

“The district is projecting balanced budgets for the next five years. We anticipate a declining future tax rate, we are on track to pay off the 2008 bonds in February of 2018, which will save the taxpayers $3.2 million of interest expenses and provide a permanent tax abatement,” said Chief Financial Officer for District 203, Brad Cauffman.

The new forecast no longer includes a once proposed pension cost shift, also known as a TRS cost shift.

“The Citizens Finance Advisors Committee recommended removing the TRS cost shift as it appears there’s little traction in the legislature to change TRS funding sources as this time,” said Cauffman.

Removing the pension cost shift and factoring in the actual consumer price index of 2.1 increased the district’s projected fund balance by $10.9 million or 4.8 percent over the previous model.

District staff is also tentatively recommending abating the 2016 debt service levy, saving the average tax payer $40. The board will make a decision on the levy in March.

Staff also proposed changing the Elementary Technology Fee from $29 to $50 to support the next phase of the Digital Learning Initiative.

Naperville News 17’s Evan Summers reports.