D122 Anticipates '11-12 Budget Deficit

After projecting a $3.2 million deficit earlier this year, the New Lenox elementary school district will see a surplus that will help cover expenditures over the next year.

The District 122 board of education will vote to approve its 2011-12 budget Wednesday night, projecting a $2 million deficit. But that will be covered by this year’s unexpected $1.7 million surplus as well as fund balances and bonds sold in 2004-2006.

Residents will have the opportunity for public comment at the start of the meeting, which is 7 p.m. Sept. 21 at the . 

Following approval of the budget, the school board will turn its attention to other financial priorities, including the tax levy, student fees and refinancing debt.

Supt. Mike Sass said the school board will consider lowering the amount of money taxpayers give to the district. When looking at the amount of money the district will tax residents, though, he said it's the last piece of the puzzle he would want to mess with.

"It would be politically expedient to lower taxes, but there’s long-range consequences if we lose that revenue forever," Sass said.

Instead, the district is looking at a plan that would refinance the district's debt to cut taxpayers a break in the short term but ultimately add more debt down the line.

To learn more, you can read the PDF attached to this article.