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Paying Down the Debt: VVSD Begins Restructuring Plan

School district's five-year plan designed to keep taxes down.

In a continuing effort to refinance and restructure ’s outstanding debt, the board of education approved a resolution to abate a portion of the district’s working cash fund and transfer the amount to the debt service fund.

According to Assistant Superintendent Gary Grizaffi, in December, the board opted not to levy $927,560  with the understanding the amount would be abated. Grizaffi said the one-time abatement applies to the current fiscal year only and will not recur in the future.

The resolution specifies that without the abatement, the district’s debt payment would have been funded by the 2010 tax levy.

Last spring, Grizaffi said that , the district would strive to reduce its levy by $17.5 million over the next five years.

Brian Feldt October 13, 2011 at 05:04 PM
What do you think the best way for Valley View to keep taxes down is?
Marie October 13, 2011 at 05:47 PM
It would be nice if we could be debt free in 2012 like Schaumburg 54 will be.
Cedra Crenshaw October 16, 2011 at 06:50 PM
Valley View could start by controlling spending. The growth in salaries, benefits and debt costs is financially unsustainable. If Valley View controlled spending, they would not have to put district taxpayers tens of millions of dollars more in debt in order to 'keep taxes down'.
Ken October 16, 2011 at 10:24 PM
Please be specific. When you talk about salaries and benefits, are you referring to administrators? teachers? para pro? bus drivers? food service? custodian? security? office staff? or anyone else that I may have left out?

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