Cary Dist. 26 approves tax rate hike

More money will soon be flowing into Cary Elementary District 26's coffers.

Voters gave the school district the OK Tuesday to issue $15 million in working cash bonds for the district's general fund.

With all precincts reporting in Lake and McHenry counties, 4,779 voters favored the tax rate hike, while 3,438 voters rejected it, according to unofficial vote tallies Tuesday.

“It's a great start, but we have our work cut out for us,” school board President Christopher Spoerl said.

By issuing the bonds, the owner of a $300,000 house assuming no growth in assessed value will pay an additional $2,600 in property taxes over the course of 15-year loan.

Without the money, district officials said they would probably be unable to pay employees' salaries or vendors' bills. They also feared the state would take over financial control of the district something that would likely result in the state's unilateral decision to raise taxes to right the ship.

The district laid off about 80 teachers earlier this year and eliminated several programs, including music, art and physical education to save the district about $6.6 million.

More cuts will follow, Spoerl said, adding that officials hope to save money during teacher contract negotiations.

The district, ranked fifth-worst in the state for financial health, is struggling to overcome short-term borrowing and deficit spending, restore positive fund balances and prevent further cuts. Although some parents urged the school board for a larger increase, school officials are only looking for a financial reboot.