How much will Big Hollow ask for in February?
Big Hollow school district officials will decide Monday on the amount of the tax-rate increase they will ask voters to approve.
The latest idea floated is to seek approval Feb. 5 for a $10 million working cash bond to help offset the rising cost of education at the Ingleside district.
The Big Hollow Elementary District 38 school board will discuss the option at 7 p.m. in the multipurpose room of the middle school at Nippersink and Wilson roads in Ingleside.
Board Vice President Jan Carsella said officials are reviewing an operating tax-rate increase but said they are leaning toward the working-cash bond.
That option would be cheaper for voters and keep the district infused with money longer, Carsella said.
The board won't know until Monday how much the bond would raise tax bills, she said. District 38's current tax rate is $2.424 per $100 of equalized assessed valuation.
"I wish I could give that out right now to inform the voters, but there are a lot of options with these bonds," Carsella said. "Depending on the option, it could change the amount people pay."
If the referendum measure doesn't pass, Carsella said, the district's financial outlook seems bleak. Projections show District 38 could borrow $5.2 million to offset debts, and class sizes could reach into the 40s in six years if more teachers aren't hired soon.
The district has a hiring freeze in place to curtail spending. Board members said they would like class sizes to be about 23 students.
The district has warned residents since July that a question will be on the Feb. 5 ballot.
The district cut art, music and computer classes, instituted the hiring freeze and made several other cuts to try to offset the growing debt.
The district has been forced to borrow against anticipated tax money to meet cash concerns. It borrowed $1.4 million in 2005, $1.8 million in 2006, and $2.4 million in 2007. Officials expect to borrow $3 million to $3.2 million this year to offset the deficit.
"That $10 million cash bond could temporarily help us out and hopefully cost the taxpayers less money on their tax bills," Carsella said. "So, I think that is definitely the No. 1 option out there for board members."