In 2003, the District 21 community passed a tax rate referendum. At that time, District officials ensured voters that this would provide at least five years of financial stability. That five-year period has already been surpassed, and while District 21 is still financially healthy today, the economy will have an impact in coming years due to the State's Tax Cap Law, the Property Tax Extension Limitation Law (PTELL). This law only allows local school districts to levy taxes at 5% or the Consumer Price-Index (CPI), whichever is lower. The Consumer-Price Index is one measure of the rate of inflation. The December 2007 to December 2008 CPI was an extraordinarily low 0.1% due to the dramatic slowing of the economy that took place throughout Fall 2008. Information on our changing financial projections has been presented to the Board Finance Committee in February and to the entire Board of Education in March.

- Projections presented to the Board of Education - March 2009