Sycamore Taxpayer

Q – How much actual funding will Sycamore lose in FY12, FY13, FY14, FY15, and FY16?

Ans – Please note that the following is based on the Governor’s proposal and is subject to change through the legislative process.

• Elimination of Tangible Personal Property Tax (TPPT) reimbursement – Next year’s loss of $1.5 million will increase by an additional $1.5 million each year for eight years until a total of $12 million per year is taken from our district.
• Elimination of electric deregulation reimbursement – The district will lose an estimated $750,000 per year beginning next year.
• State foundation basic aid funding and federal stimulus aid – Sycamore will lose $2.1 million in basic aid and $200,000 in stimulus funding in 2011-12. The Governor’s proposal restores approximately $575,000 of this loss in 2012-13.
• Total projected impact – The revenue loss for 2011-12 is approximately $4.5 million or 6% of our operating budget.  In 2012-13, it is approximately $5.5 million or 7.5% less than current.  Cuts to TPP reimbursement are projected to continue for 8 years. The future of basic aid funding beyond 2012-13 is unknown. 

Beth Weber, SSD Treasurer, April 20, 2011