BLOOMINGTON (WEEK) — Due to deceasing property values in Bloomington, District 87 is facing a deficit for the current fiscal year.
Our our news partner WJBC reports, the district’s operational and variable funds will have a structural deficit of $2,022,849, based on administrators projections.
Superintendent Barry Reilly said higher taxes are not needed because the district has sufficient fund balances to absorb the deficit.
Property taxes are the largest source of revenue for the district.
“I can attribute that to some things that have gone on, probably the most significant of which is the Eastland Mall. The value of that mall has gone down in the last couple of years, and therefore the tax revenues have gone down,” Reilly said.
Taxable land values are expected to decline by $297,197, making it the second consecutive year for a decline.
The District 87 School Board is expected to place the budget on public view at its meeting Aug. 14 before a public hearing on Sept. 25.