Financial Background

Why is a tax rate swap needed?


Increased revenue is needed to make up for years of budget shortfalls. As shown by the graph below, the state of Illinois has significantly decreased funding to Olympia from the 2006-2007 school year compared to now.

State Funding to Olympia 2006-2022

During the 2006-2007 and 2010-2011 school years, the district received $4.1 million in funding through the state. Unfortunately that level of funding was never maintained, and the district worked through a decrease of 45% of funding from the state in the 2015-2016 school year when the district received just $2.3 million in funding through the state. While state funding has stabilized over the past five years, it is still 25% lower than what it was in the 2010-2011 school year. Additionally, based on the State’s assessment, Olympia is currently being funded at 84% of what is needed to adequately educate our students and maintain District operations.