Tonya Franklin
In 2014, Tonya Franklin was willing to take on Democrat Jack Franks, but the Republican Party would not allow her a weekend to obtain hundreds of petition signatures. At the end of March, Franklin said this in an article comment:
“We just closed on property in Wisconsin…. “Exit stage right.”
In the last four years, McHenry County has lost 1,543 people, while the state as a whole gained 43,918 in population. Quite a comedown from being the fastest growing county in Illinois for three-four decades in a row.
Bring down the property taxes, give more tax breaks for seniors to stay in their homes, make new home developments pay more for their school impact instead of levying it against all citizens, consolidate governments, make more public transportation and if incentives are given to businesses make agreement that hiring locally then from Illinois be first before looking outside of area.
Republican Party: Your silence is deafening.
The disturbing news headline in NW Herald that Woodstock D200 ‘found’ $1.2 million in its budget to buy electronic tablets for all students, and received ‘thumbs up’ for ‘creative financing (loans) from your editorial board, is hateful and destructive towards Woodstock D200 property taxpayers paying over 2.7% of total home value to D200 this year. (Our total property tax rate is over 4% of total home value).
D200 Debt in 2005-06 was $55.7 million which was 2.65% of district EAV.
In 2006 (after referendum) debt was $121 million, 4.5% of EAV.
In 2014, $125 million (principal only) , 4.96% of EAV (taking into account principal only).
in 2015, $118 million (principal only), 5.2% of EAV ((taking into account principal only). (WITH INTEREST INCLUDED, DEBT IS AT LEAST $130 MILLION DOLLARS).
Why this particular data?
1. We have been paying over $10 million debt service per year for a decade and have a HIGHER debt load today than ten years ago (when taking into account deferred unpaid interest owed).
2. It appears that the creative school (and other local) debt financing engendered by legislation written by Chapman and Cutler (BOND) law firm 10 years and promoted in Springfield by a legislator who self-admittedly did not understand it has been used extensively by D200, as has Chapman and Cutler.
Why is “principal only” such an important metric?
1. Statutory borrowing limits for D200 are 13.8% of EAV.
D200 has been ‘underwater’ this limit for several years. (13.8% of EAV would equal 4.6% of total home value: 1/3 of 13.8%).
But debt limit doesn’t take UNPAID, ACCRUED (which is OWED) interest into account?
2. D200 has been refunding its debt to push interest payments into the future so as to lower the PRINCIPAL debt amount…So they can get back under debt limit and borrow more money?
3. A particularly egregious example of creative financing executed by D200: 2006B Capital Appreciation Bond, which borrowed less than $14 million, and after 17-20 years will be obligated to pay back $64 million dollars.
That is, $50 million of interest on a $14 principal million loan. (We now owe 9 years of 8.5% interest, compounded biannually, on this uncallable loan. That is, $15 million of accrued unpaid interest. Yet the debt is listed at $14 million.
In 8-10 years the debt comes due with balloon payments, and $35 million interest).
Woodstock D200 posts historical school building usage information on its 2015 bond issue official statement:
3 stand out as operating at far below capacity:
Clay Academy: Square feet: 44282. Student capacity: 300 students.
Student enrollment past 5 years: 2014: 70 students. 2013: 50 students. 2012:51 students.
2011: 44 students. 2010: 43 students.
Clay Academy website lists 21 employees.
Woodstock North HS: 307000 square feet. Student capacity: 1600 students.
Student enrollment past 5 years: 2014: 929 students. 2013: 916 students. 2012:906 students.
2011: 906 students. 2010: 691 students.
WNHS website lists 86 employees.
Woodstock HS: 319355 square feet. Student capacity: 1800 students.
Student enrollment past 5 years: 2014: 968 students. 2013: 957 students. 2012:966 students.
2011: 1019 students. 2010: 1198 students.
WHS website doesn’t list total employees.
NW Herald editorial Board cheerleading ‘creative’ financing at D200:
Ask D200 Board to advise paying down debt and giving all D200 taxpayers the courtesy of choice:
If parents and all others in this district had lower taxes, we could buy our own electronic tools for children’s education, and afford to put something away for children’s higher education.
2.7% of total home value is higher by far than almost every TOTAL property tax in the nation, let alone tax rate for a single school district alone.
Where is the URL to the NW Herald article?
What is the Public Act; or the House Bill or Senate Bill along with the General Assembly number; of the legislation written by Chapman and Cutler?
One can make an appointment with the Woodstock District 200 Superintendent and Finance Officer to discuss the concerns expressed in comments.
Nwherald: http://www.nwherald.com/2015/04/03/our-view-wrestling-coaches-deserve-praise-on-way-out/a7lltsa/
third paragraph.
http://www.chicagotribune.com/news/watchdog/cpsbonds/ct-chicago-public-schools-bonds-state-law-change-20141107-story.html#page=1
Headline “Illinois lawmakers opened door to risky CPS bond deals”.
Sponsor Senator John Cullerton told fellow lawmakers that his grasp of the bill was limited.
Woodstock D200 many borrowings, including the $14 million-turning -into-$65-million -debt burden -in-under-20-years, are described in individual official statements posted at
emma.msrb.org
Cusip number 581158
One has tried.
One must conclude that ten years of past performance is ample reason not to bet on different future performance.
Supposedly in the not so distant future standardized testing in public schools will require a device of some sort be it tablet, notebook, laptop, desktop, etc.
According to the Tribune URL the bond legislation was Public Act 093-0009, SB1601, which was non standard bond offerings and instruments such as interest rate swaps and derivatives.
One or more of the Woodstock District 200 bond offerings included something along those lines?
There is misleading story in NW herald that money was found in budget for purchase laptops for grade schoolers.
In further reading it seems that more than half the funds are to be borrowed ( more debt for d200 taxpayers).
Simple quick math indicates about $400 per unit to be purchased.
Is it a no bid contract?
Who is the vendor?
Will children take them home?
Who pays for replacements when lost or stolen?
When the units go obsolete who pays for replacement?
If there was ‘money to be found in budget’ why is D200 Board $148 million in debt and taxing more than 2.7% of total home value of district property taxpayers?