Officials with Consolidated High School District 230 took steps this week to cover an anticipated deficit in one fund and to battle property owners over an assessment appeal.
Board members voted unanimously to transfer $195,066 of interest earned from investment of the working cash fund, plus $554,934 from the fund itself, to cover an expected deficit of $750,000 in the district’s educational fund.
Controller Mike Frances said the working cash fund, created to support the district’s other funds, totals about $11 million.
Frances said the action is necessary because the district sees an increase from property reassessments only every three years. Once officials determine the results of 1999’s reassessment at the end of the summer, additional money will be placed into the educational fund, he said.
Board members also voted to fight the assessment appeal by owners of property in Palos Township, an appeal that, if successful, could cost the district $90,000 in tax revenue.
Frances said the property was assessed at $4.3 million, but its owners are seeking to have that lowered to $2.5 million. Loss of that revenue by the district would mean a future increase in property tax bills for other landowners to make up the difference, he said. “Every other property owner would be hit with the loss,” he said.
