Community Unit School District 200

At their meeting, the Board approved to abate $2M in taxes designated for debt payments back to taxpayers. Earlier this fall, staff informed the Board’s Finance Committee of an estimated $3.5M in surplus in the District’s Debt Service Fund after the final debt payment is made in October 2025. The surplus is related to a 1% cushion the county adds to the bond levy to protect from collection shortfalls along with interest earnings that have accumulated over time. While the District could transfer the surplus, the Board recognizes that the funds were approved by taxpayers for a specific project - the construction of a new Hubble Middle School. The $2M abatement will allow for the debt service portion of the final 2023 Tax Levy to be reduced by $2M (reducing the overall tax increase), but still provide the District with enough resources to pay its debt service obligations associated with the 2023 Tax Levy.