2017 LEVY HEARING December 18, 2017 Meeting of the Board 1 Terms - - PowerPoint PPT Presentation

2017 LEVY HEARING

December 18, 2017 Meeting of the Board Wilmette Public School District 39 Board of Education

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ØLevy - Amount requested by governmental entity to be raised from property taxes ØEAV - Equalized Assessed Value of properties in a district as determined by local and county assessors ØCPI - Consumer Price Index published by the federal government as a measure, per state school code, of annual inflationary impact ØNew Property Growth - Property in the district that has been newly developed and initially assessed during the tax year ØExtension - Actual amount billed to taxpayers in a district, revenue to entity

Terms & Definitions

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Property Tax Extension Limiting Law (PTELL)

Levy cannot exceed the lessor of:

5% OR the prior year CPI, plus new construction

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• EAV
• CPI
• New Construction/Property Growth
• Bond & Interest

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Levy Considerations

A increase in EAV in 2016 is due to the Triennial Reassessment by Cook County

Equalized Assessed Value (EAV)

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Levy Year Amount Change

2012 1,635,731,621 ( 7.15%) 2013 1,468,335,795 ( 10.23%) 2014 1,489,897,331 1.47% 2015 1,450,514,728 (2.64%) 2016 1,817,523,158 25.3% 2017 estimate 1,817,523,158

Consumer Price Index (CPI)

ØSince 2009

Ø Average CPI growth is 1.57% ØLow is 0.1% - High is 3.0%

ØThe December 2016 CPI used for 2017 Levy

• Rate published in January 2017 is 2.1%

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Amount used for new property growth is an estimate at the time of the levy and is based on a historical twelve year average + $16.5M (Mather Place)+ $8M New Construction Growth

New Property Growth

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Levy Year Amount

2011 7,193,883 2012 9,891,421 2013 6,944,515 2014 13,766,819 2015 17,751,270 2016 17,396,152 2017 Estimated 40,074,355

2016 Bond & Interest Levy

Levy for the B&I fund is:

• Determined separately
• Based on a payment

schedule

• In 2017 the amount is

$1,259,948

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December 2016 CPI

2.1%

Estimated EAV

1,817,523,158

Estimated New Property Growth

40,074,355

2017 Levy Factors

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Fund Requested Levy % of Total Education $ 40,707,000 77.4% Special Education $ 309,147 0.6% O&M $ 9,000,000 17.1% Transportation $ 635,800 1.2% Working Cash $ 85,000 0.2% Life Safety $ -0- 0.0% IMRF/SS $ 1,580,604 3..0% Tort $ 281,047 0.5% TOTAL “CAPPED” FUNDS $ 52,598,598 100%

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2017 Levy By Fund

2017 Levy Request

Total “CAPPED” Funds 52,598,598 Bond & Interest Fund 1,259,948 _________ Total Levy Request 53,858,546

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Tax Year Actual 2016 Extension Recommended 2017 Levy Request % Change Expected 2017 Extension % Change New Property Growth $17,396,152 $40,074,355 $13,150,035 Assessed Valuation 1,817,523,158 1,844,447,838 $1,830,673,193 Total Capped Funds $50,405,365 $52,598,598 4.35% $51,836,226 2.84%

2017 vs. 2016 Levy