District 87 is facing a deficit for the current fiscal year.
Due to deceasing property values in Bloomington, the district’s operational and variable funds will have a structural deficit of $2,022,849, based on administrators projections.
Property taxes are the largest source of revenue for the district.
Taxable land values are expected to decline by $297,197, making it the second consecutive year for a decline.
The District 87 School Board is expected to place the budget on public view at its meeting Aug. 14 before a public hearing on Sept. 25.
Superintendent Barry Reilly said higher taxes are not needed because the district has sufficient fund balances to absorb the deficit.
