2018 Levy Presentation November 14, 2018 Levy Terms Tax Caps - - PowerPoint PPT Presentation

2018 Levy Presentation November 14, 2018

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

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.

10 Year CPI History for Levy Year

EAV History

2017 Township EAV

2017 EAV Description

New Construction

CPI/Levy Aggregate Extension History

EAV, CPI & Tax Rate, CPI and Tax Rate Existing EAV Tax Rate Existing EAV Tax Rate CPI Tax Rate Existing EAV CPI CPI 2005 – 2009, 2015-? 2010 – 2014 The District is limited to the value of CPI for its increase of taxes, regardless of the valuation of property in the District.

Five Year History of Tax Rates Tax Rates 2013 2014 2015 2016 2017 Education $ 3.7834 $ 3.8900 $ 3.8100 $ 3.6200 $ 3.5350 Special Education $ 0.0600 $ 0.0714 $ 0.0900 $ 0.0900 $ 0.0870 Operations & Maintenance $ 0.4300 $ 0.4300 $ 0.4300 $ 0.4300 $ 0.4200 Debt Service $ 0.6488 $ 0.6860 $ 0.6843 $ 0.6765 $ 0.6694 Transportation $ 0.1500 $ 0.1744 $ 0.1770 $ 0.1770 $ 0.1692 IMRF $ 0.0376 $ 0.0300 $ 0.0360 $ 0.0306 $ 0.0300 Social Security $ 0.0938 $ 0.1097 $ 0.0835 $ 0.0835 $ 0.0810 Total $ 5.2036 $ 5.3915 $ 5.3108 $ 5.1076 $ 4.9916

2017 Levy Breakdown

Debt Service-Levy Year After Phase 4

How Much Should We Receive? • 2017 Aggregate Levy $134,021,844.88 • CPI of 2.1% • $ 134,021,844.88 x 1.021=$136,836,303.62 • New Construction: $1 million  ≈ +/ - $43,000 • Amazon Building • 2018 Debt Service $20,733,020

2018 Levy Proposal RATE 2017 2018 FUND LIMIT 2017 Extension RATE 2018 LEVY LEVY INC. EDUCATION NONE $ 109,612,517.15 3.5350 $ 113,200,000.00 SP. ED. 0.8000 $ 2,697,677.23 0.0870 $ 2,875,000.00 TORT NONE $ - 0.0000 $ - O & M 0.7500 $ 13,023,269.36 0.4200 $ 13,600,000.00 TRANS. NONE $ 5,246,517.09 0.1692 $ 5,600,000.00 IMRF NONE $ 930,233.53 0.0300 $ 1,000,000.00 SS NONE $ 2,511,630.52 0.0810 $ 2,700,000.00 LIFE SAFETY NONE $ - 0.0000 $ - WORKING CASH NONE $ - 0.0000 $ - TOTAL $ 134,021,844.88 4.3222 $ 138,975,000.00 3.70% DEBT SERVICE $ 20,756,610.74 0.6694 $ 20,733,020.00 -0.11% GRAND TOTAL $ 154,778,455.62 4.9916 $ 159,708,020.00 3.18%

Considerations • Levy Collection Included in 2018-19 Budget • Capture New Construction-Amazon • Funding of Projects Identified in Capital Plan

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