2013 Levy Presentation November 13, 2013 Levy Terms Aggregate - PowerPoint PPT Presentation

2013 Levy Presentation November 13, 2013

Levy Terms  Aggregate Levy- the annual corporate levy of the taxing district and those special purpose levies which are made annually (other than debt service levies and levies made for the purpose of paying amount due under public building commission leases).  Debt Service Levies- are those levies made to retire the principal or pay interest on bonds or to make payments due under public building commission leases.  Property Tax Extension Limitation Law (PTELL or Tax Caps)-limits the increase over prior year extension to 105% or CPI whichever is lower.  Consumer Price Index (CPI)- Inflation factor used for determining extension of tax levy.  Equalized Assessed Value- The value of property upon which the tax rate is calculated.

Consumer Price Index  The CPI is a figure which is computed on a monthly basis by the Bureau of Labor Statistics (BLS) that measures changes in prices over time for goods and services.

Consumer Price index  Correlation to the costs of running a school district not always similar.  Tied to Teacher Contract for 2014-15  CPI for 2013 Levy is 1.7%

10 Year CPI History

How will the CPI finish in 2013?

EAV History

CPI/Extension History

New Construction

How Much Should We Receive?  2012 Aggregate Levy $119,981,471.61  CPI of 1.7%  $119,981,471.61 x 1.7%=  $122,021,156.63  New Growth? 1% on Average

2013 Levy Proposal FUND LIMIT 2012 Extension RATE 2013 LEVY LEVY INC. EDUCATION 4.0000 $ 101,339,517.01 3.5900 $ 103,250,000.00 SP. ED. 0.8000 $ 846,848.33 0.0300 $ 2,250,000.00 TORT NONE $ - 0.0000 $ - O & M 0.7500 $ 11,009,028.31 0.3900 $ 12,750,000.00 TRANS. NONE $ 3,951,958.88 0.1400 $ 4,000,000.00 IMRF NONE $ 564,565.55 0.0200 $ 1,000,000.00 SS NONE $ 2,269,553.53 0.0804 $ 2,500,000.00 LIFE SAFETY NONE $ - 0.0000 $ - WORKING CASH NONE $ - 0.0000 $ - TOTAL $ 119,981,471.61 4.2504 $ 125,750,000.00 4.81% B & I NONE $ 16,852,281.80 0.5970 $ 17,302,070.00 2.67% GRAND TOTAL $ 136,833,753.41 4.8474 $ 143,052,070.00 4.54%

Proposed vs. Actual Levy

FIVE YEAR SUMMARY OF TAX RATES TAX RATES 2008 2009 2010 2011 2012 EDUCATION 2.7000 2.7245 3.0000 3.2494 3.5900 TORT 0.0000 0.0000 0.0000 0.0000 0.0000 SPECIAL EDUCATION 0.0100 0.0100 0.0100 0.0201 0.0300 O & M 0.3605 0.3602 0.3367 0.3477 0.3900 BOND & INTEREST 0.4313 0.4550 0.4919 0.5467 0.5970 TRANSPORTATION 0.1000 0.1000 0.1051 0.1173 0.1400 IMRF 0.0600 0.0600 0.0500 0.0246 0.0200 SOCIAL SECURITY 0.0600 0.0600 0.0500 0.0754 0.0804 WORKING CASH 0.0000 0.0000 0.0000 0.0000 0.0000 AGGREGATE RATE 3.2905 3.3147 3.5518 3.8345 4.2504 TOTAL RATE 3.7218 3.7697 4.0437 4.3812 4.8474 Aggregate Levy $ 106,378,998 $ 107,255,518 $ 113,227,988 $ 115,613,367 $ 119,981,472 % Change over Prior year (Agg) 0.82% 5.57% 2.11% 3.78%

Recommendation Levy request which provides access to the PTELL allowed CPI of 1.7% plus new growth.