Unit 5 Board OKs Budget; Looks at Historical Financial Trends wglt.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wglt.org Daily Mail and Mail on Sunday newspapers.
Emily Bollinger / WGLT
Ratings agency Moody’s Investors Service has downgraded Unit 5’s credit rating as part of a new grading system that is affecting hundreds of school districts across the country.
School district officials say the change will have no immediate impact.
Moody’s dropped Unit 5’s rating from Aa2 to Aa3. Moody’s described the district’s financial position as “solid,” but said the district receives “substantial support for its contributions to an underfunded teacher retirement system.”
Marty Hickman, Unit 5’s chief financial officer, noted Illinois lawmakers have discussed a cost shift to make school district’s responsible for paying a greater share of retirement costs.
Unit 5, District 87 Plan More Student Help, Facility Work With Latest COVID Relief peoriapublicradio.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoriapublicradio.org Daily Mail and Mail on Sunday newspapers.
âThese matters associated with the budget, most of them, are really matters the Legislature â a co-equal branch by their own admission â should be engaged in,â Pritzker said.
The largest chunk of reductions comes in a $304.8 million slash to government services, meaning probable furloughs, hiring freezes, and reduced overtime and travel.
Within that is a $75 million trim to personnel adjustments in all state agencies, but details will be developed through negotiations with the unions.â
Illinois State University spokesman Eric Jome said the state budget cuts announced this week do not directly affect the institution.
However, âWe realize there are budget issues in the state of Illinois and thatâs going to be something we watch very closely as we get into the spring budget cycle,â Jome said.