Schools
M159 District's Revenue Assessment Shows Local Revenue 84 Percent
John Troy, director of business for Mokena School Dist. 159, reports on the state of the budget and the projected revenue for fiscal year 2013.
A revenue assessment for Mokena School Dist. 159 shows the district in its current state is funded by local revenue at a rate of 84 percent compared to 67 percent in 2008.
The state's share for 2013 is anticipated to be 12 percent, and federal funding is a scant 3 percent.
A presentation prepared by M159's Director of Business John Troy indicates that the local taxpayer's share of the budget has risen by $4 million between fiscal year 2008 and fiscal year 2013. At the same time, state aid is down.
A revenue presentation to be discussed at the June 19 M159 Board of Education meeting also highlights the fact that one of two outstanding bonds will be paid off in 2016. The 1996 series bond for life safety improvements was spread over 20 years. The annual principle and interest costs the district $185,000.
The second bond, which was authorized in 2000 to build the new junior high school, is expected to be paid off in six years, according to Troy.
He said, "In 2016 we will have paid off the 1996 series. That amount we're saving though is pretty much going to be eaten up" by the hike in the principle and interest payment in the 2000 series. This bond, which cannot be refinanced, was set up long before the economy tanked. "No one could have anticipated that."
The consequences of the economic reality, however, mean the district's taxpayer should anticipate an increase in taxes particularly in fiscal year 2017. It begins to go down each year until fiscal year 2020.
On the positive side, he said, "in six short years we are going to be debt free. This is a very enviable position to be in."
Other factors contributing to immediate revenue woes at M159 is the boost in the Equalized Assesses Valuation each of the last few years and a decrease in enrollment.
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