Unit 4 Board to Discuss Utilizing up to $25 Million in Reserves to Reduce Referendum Cost

Wed, 08/10/2016 - 4:49pm

The Unit 4 Board of Education may be able to utilize up to $25 Million in reserves to fund the proposed school construction projects, according to its financial advisers. At Monday’s regular Board meeting, the Board requested that administrators explore the use of reserves to offset the cost of a referendum.  

This information will be the center of conversation next Monday when the Board will continue its work to finalize a referendum package. The Board has added an additional meeting date on Thursday, August 18 where it will take a final vote on the referendum question that will appear on the ballot.

“This referendum plan is still a draft and $231 million is not the referendum amount,” said Board of Education President Chris Kloeppel. “We are still evaluating how we can bring the cost down while making these critical improvements to our school facilities. I am hopeful that we will arrive at a plan that is palatable to our community and responsible to the needs of our District.”