As school districts across the state prepare to accept their Fiscal Year 13 budgets, one district will do so thankful that a proposed idea in Springfield was shot down.
It was proposed earlier this year by Illinois House Speaker Michael Madigan to eliminate the distribution of funds from the Corporate Personal Property Replacement Tax (CPPRT) to school districts that benefit from it. Dr. Vic Zimmerman, Superintendent of Monticello Schools explains the reaction to that was not received well, and as a result the action was never called for a vote. CPPRT makes up almost half of Monticello Schools yearly revenues, making it a major blow to the district had that been eliminated.
Monticello schools receive less than 10% of their total revenues from the state. Dr. Zimmerman explains when the state cuts general state aid from other districts, it will have a bigger impact on other districts than it would Monticello.
Just as many schools face challenges in relying on the state for their revenues, schools who rely on CPPRT face challenges as well. Dr. Zimmerman explains CPPRT moves with the flow of the economy. And in looking forward, he sees what large corporations in the state are doing and is optimistic CPPRT will at the least hold steady, if not increase.
Last year the district did well. Dr. Zimmerman says they budgeted for overspending, however, CPPRT was not what they had hoped for.
When preparing for budgets for a school district, Dr. Zimmerman explains expenses are the easy part to plan for, he says it's the revenue planning that makes it challenging.