2017 Levy Presentation November 8, 2017 Levy Terms Tax Caps - - - PowerPoint PPT Presentation

▶
2017 levy presentation
SMART_READER_LITE
LIVE PREVIEW

2017 Levy Presentation November 8, 2017 Levy Terms Tax Caps - - - PowerPoint PPT Presentation

Jun 05, 2023 34 likes •216 views

2017 Levy Presentation November 8, 2017 Levy Terms Tax Caps - PTELL Created to limit the increase in tax payers tax bills by limiting how much a district can receive (5% or CPI whichever is less) Consumer Price Index (CPI) Measures

slide-1
SLIDE 1

2017 Levy Presentation

November 8, 2017

slide-2
SLIDE 2

Levy Terms

  • Tax Caps - PTELL

Created to limit the increase in tax payers’ tax bills by limiting how much a district can receive (5% or CPI whichever is less)

  • Consumer Price Index (CPI)

Measures changes in the price level of a market basket of consumer goods CPI – U (all urban consumers)

  • Equalized Assessed Valuation (EAV)

The value placed on property by the County Assessor for tax purposes multiplied by the State Equalization Factor

  • Tax Rate

The tax due stated in terms of an amount per $100 of EAV

slide-3
SLIDE 3

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.

  • Correlation to the costs of running a school

district not always similar.

slide-4
SLIDE 4

10 Year CPI History-Levy Year

slide-5
SLIDE 5

How will the CPI finish in 2017?

slide-6
SLIDE 6

EAV History

slide-7
SLIDE 7

2016 Township EAV

slide-8
SLIDE 8

2016 EAV Description

slide-9
SLIDE 9

New Construction

slide-10
SLIDE 10

CPI/Levy Aggregate Extension History

slide-11
SLIDE 11

EAV, CPI & Tax Rate, CPI and Tax Rate

The District is limited to the value of CPI for its increase of taxes, regardless of the valuation of property in the District.

Existing EAV

CPI

2005–2009, 2015-?

Tax Rate

CPI

Existing EAV Tax Rate Existing EAV

2010 – 2014

CPI

Tax Rate

slide-12
SLIDE 12

Five Year History of Tax Rates

Tax Rates 2012 2013 2014 2015 2016 Education 3.5900 $ 3.7834 $ 3.8900 $ 3.8100 $ 3.6200 $ Special Education 0.0300 $ 0.0600 $ 0.0714 $ 0.0900 $ 0.0900 $ Operations & Mainten 0.3900 $ 0.4300 $ 0.4300 $ 0.4300 $ 0.4300 $ Bond & Interest 0.5970 $ 0.6488 $ 0.6860 $ 0.6843 $ 0.6765 $ Transportation 0.1400 $ 0.1500 $ 0.1744 $ 0.1770 $ 0.1770 $ IMRF 0.0200 $ 0.0376 $ 0.0300 $ 0.0360 $ 0.0306 $ Social Security 0.0804 $ 0.0938 $ 0.1097 $ 0.0835 $ 0.0835 $ Total 4.8474 $ 5.2036 $ 5.3915 $ 5.3108 $ 5.1076 $

slide-13
SLIDE 13

2016 Levy Breakdown

slide-14
SLIDE 14

Overall Levy Percentage Increase

slide-15
SLIDE 15

How Much Should We Receive?

  • 2016 Aggregate Levy $129,914,441.94
  • CPI of 2.1%
  • $ 129,914,441.94 x 1.021=$132,642,645.22
  • New Growth? 0.50-0.75% on Average
  • New Property: $1 million  ≈ +/- $45,000
  • Amazon Building
  • Bond & Interest $20,546,757
slide-16
SLIDE 16

2017 Levy Proposal

RATE 2016 2017 FUND LIMIT 2016 Extension RATE 2017 LEVY LEVY INC.

EDUCATION NONE 106,133,980.23 $ 3.6200 109,000,000.00 $

  • SP. ED.

0.8000 2,638,690.12 $ 0.0900 3,200,000.00 $ TORT NONE

  • $

0.0000

  • $

O & M 0.7500 12,607,075.00 $ 0.4300 14,500,000.00 $ TRANS. NONE 5,189,423.90 $ 0.1770 5,500,000.00 $ IMRF NONE 897,154.64 $ 0.0306 1,000,000.00 $ SS NONE 2,448,118.05 $ 0.0835 3,000,000.00 $ LIFE SAFETY NONE

  • $

0.0000

  • $

WORKING CASH NONE

  • $

0.0000

  • $

TOTAL 129,914,441.94 $ 4.4311 136,200,000.00 $ 4.84% B & I NONE 19,834,154.05 $ 0.6765 20,546,757.00 $ 3.59% GRAND TOTAL 149,748,595.99 $ 5.1076 156,746,757.00 $ 4.67%

slide-17
SLIDE 17

Considerations

  • Levy Collection Included in 2017-18 Budget
  • Capture New Growth-Amazon
  • Funding Capital Projects
  • Pension Obligations-Tier 3
  • Health Care Costs (Including ACA)
slide-18
SLIDE 18

Recommendation

Levy request which provides access to the PTELL allowed CPI of 2.1% plus new growth.