The Fieldcrest Board of Education decided to place a tax referendum on next April's ballot in order to
bolster the education fund which has been hit hard by declining farmland values. The board will ask for
a 90-cent increase in the education fund. The board also increased its levy to $4,721,134 for next year which is $224,296 more
than this year's.
Superintendent Michael Stagliano said that
a .90 increase in the education fund would generate around $900,000 per year. If the levy remained at this new maximum rate for
three years, that would generate $2.7 million dollars. The alternative is to issue working cash bonds. However, if working cash bonds were issued for the same amount and paid off in three to four years
the school district would not realize $2.7 million because $300,000 of that would be interest alone.
Stagliano also added
that the board will be considering areas in which cuts can be made for next year.
The breakdown of the school district's funds are as follows:
- Building - $524,700
- Education fund - $3,153,500
- Fire Protection - $52,894
- Illinois Municipal Retirement - $201,400
- Leasing - $53,000
- Social Security - $142,040
- Special Education - $42,400
- Tort - $286,200
- Transportation - $212,000
- Working Cash - $53,000