Property tax relief program leads Waukegan District 60 to take out new line of credit.

(Plus note: Lake County Board’s property tax deferred payment program link within article.)
 
 
The financial uncertainty caused by the ongoing coronavirus pandemic led Waukegan District 60 to pursue a $10 million line of credit it can use if need be.
 

The school board approved the move in a unanimous vote at its meeting Tuesday along with another measure that gives the district’s finance officer additional leeway in how much money she can transfer among the district’s funds to meet cash flow needs.

 

The decision followed a creation by the Lake County Board of a property tax deferred payment program that allows property owners to pay their property taxes over four installments instead of two.

 

“These conversations that the board’s having tonight are not unique to Waukegan,” said Kyle Harding, a partner with Chapman and Cutler, the district’s bond attorneys. “These conversations are happening throughout the state in large part because of the decisions that counties are making in respect to property tax bills.”

 

Questions also remain about how much money school districts can expect from the state, which has not passed a budget for the upcoming year.

 

When asked about education funding Thursday afternoon, Gov. J.B. Pritzker said the state budget is in the works.