School District 308 is hoping voters will approve a tax rate increase April 2, a measure the board of education says is needed to avoid cuts.

Voters in Oswego School District 308 said no to a proposed tax increase placed on the April 2 ballot.

But, the defeat came on a small 326 vote difference, with voters in the Will County portion of the district coming out in favor of it by a 2-1 margin.  Total votes were 4,411 No and 4,085 Yes.

The School District was hoping voters would approve a 30-cent operating tax rate increase per $100 of equalized assessed valuation, with the money generated to go into the district’s general fund.

The increase would equate to a $15 per month property tax increase, or $182 per year increase, on a home valued at $200,000.

The last time voters were asked for an increase in the operating tax rate of 30 cents was in 2005. The vote passed. Prior to that, it had been 20 years since an operating referendum was presented to voters.

The School Board said  it will continue to make cuts to eliminate the deficit.

Estimates show that without any changes to the budget, and without the additional financial support of a referendum, the district would diminish all reserves within the next six years.