Cary School District 26 Financial Outlook Looks Much Brighter

The  finance committee received a positive financial outlook for fiscal years’ 2012 through 2015, which in likely scenarios still calls for reductions but reduced class sizes and returned special subjects may not be too far away. 

Before, but due to finalization of the teachers’ union contract, which included a pay reduction for non-retiring teachers and wiping out the retirement benefit program, the district is in a much healthier state.

Finance Director T. Ferrier presented three scenarios to the finance committee Monday night and said the district is looking between $700,000 in reductions and a surplus of $500,000, as a best-case scenario over the next three years.  

Ferrier said the district would probably see a mixture of the scenarios but the call for reductions will be significantly lower than previously anticipated by the district.

However, these scenarios are district projections, which will be subject to economic, social and political risks and uncertainties, many of which are outside the ability of district control, Ferrier said.

Some of the "unknowns" for the district include the Consumer Price Index, Illinois' economic state, legislation changes, pension rates, capital needs for the district and the National health-care system.

Scenario A: Based upon the minimum number of students that may be anticipated, using the Kasarda study, low Consumer Price Index rates and significantly reduced state funding.

Less than anticipated funding

FY: Fiscal Year

M: Million

Scenario B: Based upon the mostly number of future students to expect (current enrollment data) expected Consumer Price Index rates and reduced state funding.

Anticipated funding

FY: Fiscal Year

M: Million

Scenario C: Based upon a maximum the number of students that can be foreseen using the Kasarda study, high Consumer Price Index rates and a level state funding.

Greater than anticipated

FY: Fiscal Year

M: Million