The district currently is running at a surplus of about $16 million due to retirements and other cost-saving measures of around $2.2 million. Revenues are up about $600,000. Due to some changes with working cash that increased the district’s borrowing capacity alongside these cost saving measures, District 201 is no longer on the Financial Watch List for the State of Illinois. This is a huge achievement for the district and something that makes it more fiscally marketable.
The state currently owes the District about $2.56 million for the last fiscal year. For the current fiscal year, the amount is around $3.4 million so far. Some of this will be recovered as the state makes payouts for special education ($316K) and transportation ($195K for special education and $485k for regular education). It is just a matter of waiting as the state slowly releases funding.
There will be a long-term planning meeting for people close to retirement at the district office as soon as the state decides on final changes to the pension. Right now Mr. Mentzer is holding off until these are more solid and there is substantial enough information to meet.
If you have questions on paychecks, call Brian Mentzer or Josh Lane (ext. 8255). The district appreciates patience on the first payroll and will work to make any corrections right away.
Last Updated: September, 2016
Proud alumnus, union member, and educator in District #201 since 2006.
Dr. Hentze is the author of High Finance with Hentze, a monthly blog that provides news about District 201's current financial state.