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Palatine CCSD 15 says Cook County tax delays cost district about $2 million; board seeks reimbursement
Summary
District leaders told the board that repeated Cook County delays in property-tax distributions forced Palatine CCSD 15 to borrow $25 million and cost the district more than $2 million in borrowing costs and lost interest; the board is expected to vote on a resolution urging county action and reimbursement.
Palatine CCSD 15 leaders told the school board on Jan. 14 that repeated delays in Cook County property-tax distributions have forced the district to borrow to meet payroll and vendor obligations and have caused millions in added costs.
Superintendent Dr. Hines and finance staff said the district borrowed $25,000,000 to cover debt service and operating obligations during recent late distributions. Diana, the district finance lead, outlined direct costs tied to that borrowing — "the cost to the district on that $25,000,000 was $451,000" — and estimated roughly $1,000,000 in lost interest revenue tied to late fall collections. "Add those three…
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