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District consultant warns slower revenue growth will shrink surpluses; board urged to monitor CPI and capital plans
Summary
Rob Grossi, the district—s long-time financial consultant, presented a multi-year forecast showing revenues growing more slowly than expenditures and urged the Oak Park Elementary School District 97 Board to monitor inflation, federal and state funding, and capital-borrowing options to protect fund balance targets.
Rob Grossi, the district—s long-time financial consultant, told the Oak Park Elementary School District 97 Board of Education on May 13 that the district faces a narrowing gap between projected revenue growth and expenditure growth that will reduce annual surpluses over the next decade.
Grossi said the district—s revenue growth averaged 4.8% from 2017 through recent years while expenditures rose 3.3% over the same period. "Revenue growth has outpaced expenditure growth by 1.5%," he said, but under his current assumptions revenues are likely to slow and expenditures will increase, producing a negative gap of about 1.3 percentage points going forward.
The consultant emphasized three revenue risks: slower property-tax growth driven by lower inflation; declines in corporate personal property replacement taxes after an…
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