A tax levy increase for the Alton School District has been approved, although the final numbers have not yet been established. The School Board approved the levy at its meeting this week, but the actual levy won’t be known until the EAV is issued in the spring. But District Director of Financial Services, Chris Norman says there is an event coming in a couple of weeks that could impact school finances as well.
On January 1, the income tax rates in Illinois will drop to 3.75 percent for individuals and 5.25 percent for corporations. This rolls back the 67% increase that was passed in 2011. Norman says there is concern over what the expiration of the income tax hike will mean for funding.
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Norman says while the state has been on time with General State Aid payments and has been for most of the past five years, it is still behind on categorical payments for reimbursements for things like special education and transportation.