By Howard Packowitz
NORMAL – Unit 5 school administrators on Wednesday unveiled a tentative budget for the current fiscal year that presumes there will be only modest growth in land values.
School districts mostly rely on property taxes for funding, and Unit 5’s tentative budget projects an increase of only 0.5 percent, according to the district’s business manager Marty Hickman.
“As we’ve all observed our communities, and some I think have already received tax bills that show zero increase, I’m not expecting much of a surprise to the upside,” said Hickman.
Land values in neighboring District 87 are projected to increase by 0.7 percent.
The proposed $192 million budget for all of Unit 5’s funds shows a $12.8 million deficit, which is in line with a two-year plan that includes increased spending for higher teacher salaries.
The $111 million education fund budget is expected to be balanced because the board decided last year to sell $16.5 million dollars in bonds.
The district said the cost of the short-term borrowing was an extra $205 a year in property taxes for the owner of a $177,000 home.
The school board holds a public hearing on the proposed budget September 25.
Meantime, administrators reported opening day enrollment in Unit 5 at 13,203 students, 256 more kids than the first day of school in 2018.
Howard Packowitz can be reached at [email protected]
