How do recent economic events play into the District operating budget and the proposed bond issue?
The District 203 2007-08 Budget includes a section titled “Financial Projection – Trends and Assumptions.” This document was prepared in April of 2007 – prior to the Board of Education finalizing the Master Facilities Plan and resolution to place a question on the February ballot. This projection does not include an increase of $9.2 million in additional funding for the facilities projects as outlined in the District 203 Plan for Upgrading School Facilities 2007-2012, so anticipated fund balances would have to be reduced accordingly. Additionally, many events have occurred after the preparation of this financial projection. Among those events, interest rates have significantly declined. Future revenue from interest income would likely be reduced by about $2 million per year. Other revenue and expense estimate changes will effect the financial projection as well. The bond issue interest rate is not tied directly to short term interest rates. A better gauge of this would be the Bond Buye