McHenry County Blog

This is unusual.

Huntley School Board member Larry Snow—the man who blew the whistle on supporters of the last tax hike referendum—is talking about Carpentersville/Algonquin/Lake in the Hills District 300’s proposal.

It is exceedingly rare that an elected official comments on another governmental entity’s affairs. District 300 will call it "meddling." It won't matter than Snow probably knows more about the district's referendum proposal than do district officials.

Here’s what he has to say:

Many well-meaning D-158 residents emotionally advocated voting Yes for their referendum.

Residents believed leaders, administrators and board members who said their children’s education will be ruined if the referendum wasn’t approved. Residents were told they should believe “their facts,” and that an "Oh-my-God" financial crisis existed.

I encourage D-300’s leaders to disclose voluntarily all important financial facts and use realistic enrollment and financial projections.

Here's the rest of Larry Snow's concerns:

Explain the $35 million of Working Cash Fund money that makes a $27 million Education Fund deficit largely irrelevant.

Explain the Sears TIF (Tax Increment Financing) District, expiring in 2012, which will annually generate $10 million in additional revenue.

Show the true future property tax revenue from Randall Road ’s commercial property.

How much goes for a new teachers contract?

Explain the tax inefficiency. A large referendum increase in the education fund results in about 60% of the tax increase returning to the state as a reduction in state aid.

D-300 shares common denominators with D-158.

First, the same independent audit firm.

Second, PMA Financial performs financial projections for D-300. They presented financial referendum projections to D-158 residents.

Third, D-158’s financial adviser at Harris Bank, during its referendums is now a D-300 board member and heads D-300’s Finance committee.

How real was D-158's debt crisis during its referendum?

Last year Harris assisted D-158 in borrowing $13 million that apparently wasn’t needed. ($9 million was kept in a PMA (Financial, Inc.) money market account, while working cash sources went unused).

Given their track record, should D-300’s sources of financial projections and information be trusted?

I sincerely encourage District 300’s leaders to avoid using D-158’s referendum campaign playbook – selective information, deceptive omissions, emotional hype, threats to punish the kids, and fear-mongering rhetoric.

Hopefully D-300’s leaders will objectively provide all of the facts on a full disclosure basis to its community.

To read about Snow's concerns, originally posted on More McHenry County Blog, click here.

Labels: Distrrict 300, Huntley School District 158, Larry Snow, PMA Financial, Sears TIF