Elmhurst 205 Taxpayers To See Big Benefit: Officials

ELMHURST, IL — Elmhurst School District 205 taxpayers are expected to see far less impact than originally expected from the district's nearly $170 million in debt to pay for school projects, officials said Tuesday.

When voters passed $168 million bond issue in 2018, the tax impact for the owner of a $500,000 home was estimated to be $150 a year on average. With an increase in home values earlier this year, that number dropped to $118.

Now, with a recent bond sale, the amount plunged to $4, interim Superintendent Linda Yonke told the school board. That was not a typo — $4.

"I have to tell you I didn't believe it," she said.

But after getting a detailed explanation, she said she understood why the amount fell so much. She called it a "negligible" impact on the taxpayer.

Last month, the board learned that the debt-financed school projects were estimated to be as much as $9 million over budget.

That has concerned some residents, board member Chris Kocinski said. Because of the district's fund balances, though, the increases in project costs won't affect taxpayers, he said.

Board member Jim Collins agreed.

"Our discussions here would in no way raise anyone's taxes," he said.

The district has the money in reserves to absorb the added costs, he said.

"We took advantage of disruptions in the financial markets due to COVID, and we accelerated our financing, and we just did a lot better than we originally budgeted," Collins said. "Our taxpayers will benefit from that."

For the next three or four years, the district's bond and interest levy will increase as scheduled, Collins said. After that, he said, it would drop and stay level for the next two decades.

Because of the windfall with the debt financing, the district should consider returning some savings to the taxpayer, Collins said.

"But that's a discussion for another day," he said.