What is different between now and five years ago when the district was financially stable?
In 1998, the public approved a $.50 tax rate increase in the Education Fund, which increased revenues available to meet Education Fund expenditures. This rate increase was offset by a $.50 decrease in the Bond and Interest tax rate, thereby not raising the overall tax rate, currently at 3.313. Working Cash Fund transfers of $4,413,829 also supplemented district budgets from 1998 to 2003. As of June 30, 2003, the cash balance in the Working Cash Fund was only $739,554. Tax refunds have recently impacted the revenue District 26 receives from taxes. In 2003/2004, the district lost $871,000 in tax refunds, which can never be collected or re-levied. While revenues from taxes decreased by 2% because of these refunds, expenses, such as salary and benefits, increased by approximately 11%, adding to the deficit. In Cook County, taxing bodies, such as District 26, do not receive notices of any tax objections filed through the Circuit Court, regardless of the amount of Equalized Assessed Valuatio
