Sycamore Taxpayer

 Sycamore’s Board of Education officially responded to the $12 million lost revenue (and forecasted spending) by saying, “Our capped budget approach has been discussed in many of our Board Meetings held in public. As much as we would like, we have no control over Ohio State Legislators who have eliminated (phased out from 2011 – 2018 the Tangible Personal Property Tax for all school districts). Thus, our forecast reflects this phase out and is incorporated in our planned revenue base. We think our capped budget and under-spends for the past several years has cushioned this impact as best we can for property owners including residents and businesses.”  

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According to the Sycamore May, 2011 Five Year Forecast:

“Phase out of tangible personal property (TPP) tax and electric deregulation reimbursement – Sycamore is projected to lose $1.5 million in 2011-12 and $3 million in 2012-13, but should maintain$9 million in on-going reimbursement. The district will lose $750,000 per year in electric reregulation  reimbursement.”