 By 2014, Shikellamy School Board had $8,546,867 in reserve accounts.Debt In 2009, Shikellamy School District reported having over $27 million in outstanding debt in General Obligation bonds.Tax shift referendum Shikellamy School District voters rejected a tax referendum in May 2007 which would have increased local earned income tax by another 0.5 percent to reduce property taxes for homeowners and farmers by $176.