District in Red if Levies Fail: Updated 5 Year Forecast

By the end of 2016, the district will be in the red if and renewal levies are not passed in the next five years, according to Treasurer/CFO Catherine Bulgrin. 

She presented the with the updated five-year forecast, which shows a deficit of about $46,839,600 by the end of fiscal year 2016. 

The district is seeking passage of Issue 20, a 6.57-mill, 10-year operating levy Nov. 8 which would generate $6.5 annually, and keep the district financially afloat until 2015. (Levies on the ballot cannot be included as passed in the forecast.)

Two renewal levies are expected to be requested in the next five years: a 7.3-mill levy that expires in calendar year 2012 with collection in 2012 and a 4.6-mill levy that expires in calendar year 2015 with collection in 2016, according to Bulgrin. Both are five-year levies.

Right now, even with additional , the district is still spending more than it is bringing in. 

The district has  by millions and made , which is expected to .

If the levy fails, more cuts will be instituted. that will be effective Nov. 14 if the levy fails.

With the cuts the  has made, passage of the levy would mean the district could remain in the black financially through 2015. High school busing would also be reinstated for high school students.

The district has not seen any new money since 2002.

For more information on the five-year financial forecast for the district, take a look at the report uploaded to this post in the form of a .pdf.