Schools

VVSD Board to Vote on Plan to Extend Debt, Lower Tax Levy

The public portion of the Valley View Board of Education meeting will begin at 7:30 p.m. Tuesday.

Legislation passed last month will give  an extra four years to repay debt while providing property tax relief by reducing the 2011 tax levy by $4.8 million, according to officials.

Board members are scheduled to vote Tuesday night on a proposal to issue refunding bonds that will extend the district’s debt repayment from 18 to 22 years.

Last month, Gov. Pat Quinn signed , which gives the district the option of taking an extra five years — 25, as opposed to 20 — to pay back debt. The district has opted not to use the full five years.

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Assistant Superintendent of Administrative Services Gary Grizaffi is scheduled to bring the proposal before the board Tuesday. According to district documents, in addition to keeping the 2011 tax levy down, the refunding bonds will also:

  • Reduce debt service levies by $12.37 million in 2012 through 2017.
  • Allow the district to reestablish its capital improvement program to make repairs to existing buildings.
  • Maintain fund balances.
  • Provide a focus to address the district’s structural deficit within the next five years.
  • Avoid dramatic staffing cuts while addressing the structural deficit.
  • Extend the current debt services schedule an additional four years (from 18 to 22 years).
  • Avoid the use of tax anticipation warrants (TAWs) for the next five years.

State debt continues to grow

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Grizaffi is also scheduled to present an update on the state funding outlook.

According to Grizaffi’s report, as of March 30, the state was  $8.48 million in arrears to Valley View after failing to make payments to reimburse the district for state-mandated bilingual education, early childhood education, special education, free breakfast/lunch and transportation.


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