Students in Illinois are preparing for the new school year. And school districts that rely on state aid for operating are still hoping the first payment arrives as scheduled, August 10th.
The K-12 school funding plan vetoed by the governor Tues. is headed back to the legislature. Lawmakers in both chambers must either approve the governor's changes or garner a super majority vote to override his veto.
In the meantime, school superintendents, like Sharon Desmoulin Kherat in Peoria District 150, are planning for the worst-case-scenario.
“We are at risk of having to borrow money at taxpayers’ expense, which is very very disappointing,” Desmoulin-Kherat said.
Kherat says the district estimates it would need to borrow about $40 million dollars to operate and pay teacher salaries. The District estimates the price tag for taxpayers would be $500,000 in interest, "provided our bond rating doesn't fall further in the meantime and increase our interest rates," communications director Chris Copelan said in an email.
Senate Bill 1 is designed to more equitably change how Illinois funds school districts. The current funding formula has been based on property values for four decades.
“We’re so so so so close, and the governor really had an opportunity to really make something historic and get credit for it,” Desmoulin-Kherat said.
School starts August 16th.