Thursday, March 21, 2013
A spike in interest rates forced the NLSD122 Board to put a hold on plans to sell working cash bonds.
A spike in interest rates over the past couple of weeks forced the New Lenox School District 122 Board of Education to put a hold on plan to sell $5.6 million in working cash bonds. The plan was to authorize the bond sale at the regular Wednesday Board of Education meeting. Representatives from investment advisors R. W. Baird Investments told the board that interest had gone too high to follow through at this time with the sale of working cash bonds to fill in the gap in funding gaps due largely to the decline in state funding. If purchased as planned, the bonds would have a costly impact on the district, which is why R.W. Baird advisors along with District Business Manager Harold Huang decided to hold off. By the middle of last week, …
Monday, February 11, 2013
The New Lenox school board was presented with a two-part plan to save taxpayers money and manage the budget crunch.
The New Lenox School District 122 Board of Education is working on a two-part plan that calls for restructuring bonds sold in 2011 and selling working cash bonds. Since bond rates are currently at historic lows, NLSD 122 is looking to heed the advice of financial market experts. Baird & Warner, Inc. proposed restructuring $126 million in bonds sold initially in 2011. In an interview, District Business Manager Harold Huang said without implementing a restructure plan, the interest rate on the existing 20-year bond sale is anticipated to jump from about 65 cents per $100 equalized assessed valuation to around $1.50 from 2018-2027. Now is the time to take steps to avert a burden that's too heavy for taxpayers to bear, he said. The district is…
Friday, November 30, 2012
Taxpayer burdens are cause concern when it comes to approving a tax levy at NLSD122.
The New Lenox School District 122 Board of Education approved the 2012 tax levy estimate resolution Nov. 28, but not without discussion about the burden taxpayers in New Lenox face. Approval of the estimated resolution—a total levy of $45,431,208—was achieved by a vote of 5-2. The two naysayers, Board of Education Vice President Sue Smith and Board Member Maureen Broderick, asked for more information about the financial consequences of holding the line on taxes. Last year both Smith and Broderick opposed the 2011 tax levy. The current proposal is 4.03 percent or just over $1.75 million over last year's rate, according to Harold Huang, business manager. This translates to a $45 increase for the average owner of a $230,000 home. The …
Friday, September 21, 2012
The third part of Patch's video conversation with the Lincoln-Way school district Supt. Lawrence Wyllie. He discusses the different ways the district might be able to generate more money.
It's just a month into the 2012-13 year for schools in the Lincoln-Way High School District 210, and faculty, administrators and students are getting an idea of what to expect and what challenges are ahead. As we've done in the past, Patch sat down with Supt. Lawrence Wyllie to discuss the school year as well as other topics. The third part deals with finding new revenue streams, including possibly charging for athletics. Editor's note: The interview with Wyllie was done the week of Sept. 2. Check Out Our Section That Contains the Past Video Interviews With Wyllie. Get news alerts and Facebook updates from these Patch sites:
Thursday, September 20, 2012
In the second part of Patch's conversation with Supt. Lawrence Wyllie, the Lincoln-Way school district administrator talks about doing more with less.
- Joe Vince
Thursday, September 20, 2012
It's just a month into the 2012-13 year for schools in the Lincoln-Way High School District 210, and faculty, administrators and students are getting an idea of what to expect and what challenges are ahead. As we've done in the past, Patch sat down with Supt. Lawrence Wyllie to discuss the school year as well as other topics. The second part deals with maintaining high academic achievement while dealing with a lack of state money. Part 1: Wyllie talks about how the beginning of the school year has started for the district. Editor's note: The interview with Wyllie was done the week of Sept. 2. Check Out Our Section That Contains the Past Video Interviews With Wyllie. Get news alerts and Facebook updates from these Patch sites:
Thursday, August 16, 2012
New Lenox District 122 Approves a $59.2 million budget for 2012-2013
Michael Sass, superintendent for New Lenox Elementary District 122, vehemently expressed annoyance at the Will County Treasurer Steve Weber for delaying distribution of $1.4 million of 2011 tax dollars. Usually, school districts get 49.75 percent of the collected tax dollars by the end of June. This year on June 28, the district received only 45.78 percent. The additional $1.4 million was distributed by mid-July, business manage Harold Huang said at the board's Aug. 15 meeting. Although the delay caused some budget gaps in terms of the fiscal year, which ended June 30, it didn't seriously impact the district. Even in consideration of the earned interest, the district lost only $450 as a result of the delay. However, Sass asked "if there …
Saturday, August 11, 2012
Also from the board meeting: Lincoln-Way honored Charles Stark for his dedication to the music experience at the school and in the area, and the board discussed school on holidays.
The Lincoln-Way High School District 210 board approved a notice of a public hearing of the 2012-2013 budget at 6 p.m. Sept. 11 in the office of the superintendent at Lincoln-Way Central. The proposed budget stands in excess of $97 million dollars ($97,145,292.) Meanwhile and in accordance with regulations, the budget will remain on display at the superintendent's office. In a report, Supt. Lawrence Wyllie explained that 2011-12 revenues did not match expenditures. The district's reserves had to be used to cover the $3.27 million shortfall. He added that not all of the real estate taxes collected had been distributed to the taxing bodies as of June 30. In addition, the district did not receive $1.5 million in categorical (funds for …
Saturday, July 28, 2012
School Board meeting highlights: Destination Excellence awards, closing the fiscal year, public hearing for proposed 2012-2013 budget
The Lincoln-Way School District 210 Board of Education discussed its 2012-13 budget Thursday, closing the previous year with a $3.2 million deficit. The main order of business was the closing of the district's 2011-2012 budget and the passage of a resolution to display the proposed 2012-2013 budget for public inspection through Sept. 11, followed by a public hearing. The board will vote on the approval of the budget on Sept. 13. The district closed its 2011-2012 budget with a deficit of $3,274,621 as of June 30. Supt. Lawrence Wyllie said the deficit was caused by a discrepancy between the amount of tax dollars and categorical grants the district was supposed to receive and the amount that was actually dispersed. "The categoricals, we …
Thursday, June 14, 2012
The five-year financial forecast is provided to District 122 administrators and board members twice a year, once in the winter and again in the summer, to provide context to the decisions they make.
With declining state aid and possible changes to transportation and pension funding ahead, the New Lenox school board got an updated financial forecast that administrators said is "bad, but not horrendous." The five-year financial forecast is provided to District 122 administrators and board members twice a year, once in the winter and again in the summer, to provide context to the decisions they make. You can view the entire document, which is attached to this article as a PDF. "When we met in January, things were looking good," business manager Harold Huang said. "We sounded rosy. Well, since January, I think it just went like this," he said, motioning his hand downward. The reasons, explained by Howard Crouse of the PMA Financial …
Thursday, February 16, 2012
Administrators originally recommended a $50 decrease in October, but Supt. Mike Sass said some budgetary issues that have come up since then led him to recommend lowering that figure slightly.
District 122 will reduce registration fees by $40 per student for the coming academic year. Administrators originally recommended a $50 decrease in October, but Supt. Mike Sass said some budgetary issues that have come up since then led him to recommend lowering that figure slightly. "Since that time there’s been some things that haven’t been so healthy for us as a district with state funding," Sass said. Members Deb Kedzior and Kathy Miller were concerned with reducing fees because of the perception of commitment it could cause. Kedzior recommended the board commit to one year of reducing fees $20, but the district never planned to extend the reductions beyond one year. "I don’t want to open the door to something that this is an …