Springfield School District 186 administrators are beginning to discuss the impact of teacher pensions becoming a local responsibility, rather than funding from the state.
Superintendent Walter Milton says having the burden of the pensions at the local level won't be easy...
The District's budget office figures the added pension burden will cost about $7 million per year, and the district will have to levy additional property taxes. On a $150,000 value home, it would cost an extra $200 per year.
The school board members also voted Tuesday night to approve a $9 million short-term line of credit. The credit is meant to cover payroll and other expenses while the district waits for revenue that is behind schedule.
Superintendent Walter Milton says the line of credit isn't intended to be a permanent solution...
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The State of Illinois currently owes the district over $7 million. The district is starting the bid process with area banks to get the lowest interest. They plan to exercise the line of credit in order to meet payroll in April and May, and pay it back when tax revenues arrive in June.