DEC ECEMBER EMBER 16, , 2019 19 TAX LEVY Provides the resources - - PowerPoint PPT Presentation

SLIDE 1

DEC ECEMBER EMBER 16, , 2019 19

SLIDE 2

BUDGET

• Reflects the District’s Goals

and Objectives

• Represents all funds and

authorizes expenditures

• Education Fund is the

primary fund used to support the operations of the District

• Salaries
• Benefits
• Purchased Services
• Supplies & Materials
• Capital Outlay
• Other Objects

TAX LEVY

• Provides the resources needed

to maintain and enhance programs for students

• Provides funding in June & Sept

CASHFLOW

• A significant portion of District

revenue arrives in June which is used to fund the following year’s programing

• Example: $21.2M Projected Ending

Fund Balance in Ed Fund (FY20) vs. Annual Ed Fund Budget of $61.6M

• The District’s fund balance

policy of a minimum of 20-30% supports this scenario.

SLIDE 3

Local property taxes represent approximately 70%

• f the total school district revenue.

The purpose of the local property tax is to access funding to maintain and enhance the programs associated with providing all Yorkville CUSD 115 students with a high quality educational experience.

Aggregate Levy - the annual corporate levy of the taxing district and any additional annual special purpose levies (other than debt service levies). Debt Service Levies – those levies made to retire the principal

• r pay interest on bonds. Debt Service Levies are approved

separately at the time of bond approval/issuance. Property Tax Extension Limitation Law (PTELL or “Tax Caps”)

• limits the increase over prior year extension on existing property to

5% or CPI whichever is lower. Consumer Price Index (CPI) - Inflation factor used for determining extension of tax levy. CPI for the 2019 levy is 1.9%, which was the same as the 2018 levy. CPI was 2.1% for the prior two years.

SLIDE 4

The amount of the school district’s authorized tax rate is determined by the total amount of the taxes levied by the Board of Education. Equalized Assessed Value (EAV) is determined by the Township Assessor using 33% of the fair cash value of a property and applying an equalization factor set within the County. (Typically a factor of 1.00) The formula used to calculate the tax rate is as follows:

Total Dollars Levied / Total Assessed Property = Tax Rate

SLIDE 5

TOTAL Prior Year Taxes

(Lower er

• f CPI
• r 5%)

TOTAL Current Year Taxes %

New Construction

( )

SLIDE 6

SLIDE 7

The Dis istri trict ct submits ts a PROPO POSED lev levy to each h Count nty y (Ken endall dall and Ka Kane e for for D115) In In order r to ensure re that we we do not

• t lo

lose reve venue nue rela lati ting g to the “tax cap” formulas, we SA SAFEG EGUARD RD the le levy, or le levy a la larger er amoun unt t than what t wil ill l be receiv eived ed.

Cappe ped d Funds nds 2019=4.99 9=4.99%

The ESTIMA IMATED tax extensio nsion n in increase ease is is limited by the “Tax Cap” formula.

Cappe ped d Funds nds 2019=3.90% 9=3.90%

SLIDE 8

Consumer Price Index:

1.90%

Actual Total EAV for 2018:

$877,393,526

Estimated % change from 2018 EAV:

4.59%

Estimated New Construction for 2019:

$17,969,539

Estimated Total EAV for 2019:

$935,599,390

Limiting Rate: 6.0114% Total change from prior year:

6.63%

Estimated Capped Extension: $56,243,082.26

Prior Year Extension: Maximum Tax Rate: Individual Fund Estimated Maximum Extension: Levy Amount:

Educational

$34,385,039.42

0.00%

$0.00 $35,724,495.76 $34,699,511 $34,699,511.00

Operations & Maintenance

$6,404,296.00

0.75%

$7,016,995.43 $6,653,772.95 $6,653,768 $6,653,768.00

Transportation

$3,433,560.46

0.00%

$0.00 $3,567,313.52 $4,567,311 $4,567,311.00

Working Cash

$51,509.38

0.05%

$467,799.70 $53,515.91 $3,516 $3,516.00

Municipal Retirement

$858,804.85 $0.00 $892,259.27 $892,259 $892,259.00

Social Security

$1,064,408.65 $0.00 $1,105,872.29 $1,105,871 $1,105,871.00

Fire Prevention & Safety *

$462,892.99

0.10%

$935,599.39 $480,924.81 $5,924 $5,924.00

Tort Immunity

$642,829.19 $0.00 $667,870.36 $1,217,870 $1,217,870.00

Special Education

$6,831,288.65

0.80%

$7,484,795.12 $7,097,398.94 $7,097,394 $7,097,394.00

Leasing

$0.00

0.10%

$935,599.39 $0.00 $0.00

Prior Year Adjust.

($328.76)

0.00%

$0.00 ($341.57) ($342) ($342.00) Truth in Taxation

Capped Extension/Levy $54,134,300.83 $16,840,789.02 $56,243,082.26 $56,243,082.26 Capped Levy $56,243,082.00

3.90% NO Levy in excess of estimated extension: ($0.26)

SEDOL IMRF

$0.00

SEDOL IMRF

$0.00

Bond and Interest:

$9,011,061.46

Bond and Interest:

$8,996,725.00 $8,996,725.00

• 0.16%

Total Extension/Levy $63,145,362.29 Total Levy $65,239,807.00

3.32%

2019 LEVY CALCULATION PAGE

(Prior Year Extension x (1+Lesser of 5% or CPI)) (Total EAV - New Construction)

Balloon % input: Prorated Extension based

• n prior year extension:

Manual Override:

Limiting Rate:

Safeguard % Input

SLIDE 9

Consumer Price Index:

1.90%

Actual Total EAV for 2018:

$877,393,526

Estimated % change from 2018 EAV:

4.59%

Estimated New Construction for 2019:

$17,969,539

Estimated Total EAV for 2019:

$935,599,390

Limiting Rate: 6.0114% Total change from prior year:

6.63%

Estimated Capped Extension: $56,243,082.26

Prior Year Extension: Maximum Tax Rate: Individual Fund Estimated Maximum Extension: Levy Amount:

Educational

$34,385,039.42

0.00%

$0.00 $35,724,495.76 $34,716,234 1.66% $35,292,031.00

Operations & Maintenance

$6,404,296.00

0.75%

$7,016,995.43 $6,653,772.95 $6,653,768 $6,653,768.00

Transportation

$3,433,560.46

0.00%

$0.00 $3,567,313.52 $4,567,311 $4,567,311.00

Working Cash

$51,509.38

0.05%

$467,799.70 $53,515.91 $3,516 $3,516.00

Municipal Retirement

$858,804.85 $0.00 $892,259.27 $892,259 $892,259.00

Social Security

$1,064,408.65 $0.00 $1,105,872.29 $1,105,871 $1,105,871.00

Fire Prevention & Safety *

$462,892.99

0.10%

$935,599.39 $480,924.81 $5,924 $5,924.00

Tort Immunity

$642,829.19 $0.00 $667,870.36 $1,217,870 $1,217,870.00

Special Education

$6,831,288.65

0.80%

$7,484,795.12 $7,097,398.94 $7,097,394 $7,097,394.00

Leasing

$0.00

0.10%

$935,599.39 $0.00 $0.00

Prior Year Adjust.

($328.76)

0.00%

$0.00 ($341.57) ($342) ($342.00) Truth in Taxation

Capped Extension/Levy $54,134,300.83 $16,840,789.02 $56,243,082.26 $56,259,804.53 Capped Levy $56,835,602.00

4.99% NO Levy in excess of estimated extension: $592,519.74

SEDOL IMRF

$0.00

SEDOL IMRF

$0.00

Bond and Interest:

$9,011,061.46

Bond and Interest:

$8,996,725.00 $8,996,725.00

• 0.16%

Total Extension/Levy $63,145,362.29 Total Levy $65,832,327.00

4.26% Balloon % input:

2019 LEVY CALCULATION PAGE Limiting Rate:

(Prior Year Extension x (1+Lesser of 5% or CPI)) (Total EAV - New Construction)

Prorated Extension based

• n prior year extension:

Manual Override:

Safeguard % Input:

SLIDE 10

The District is expected to receive about 3.90% in new revenue for the general operating funds (capped extension) or a total of $2,108,781. This is driven by a combination of the 1.9% CPI increase allowed on existing property and our estimate of $17,969,539 of new property.

Total taxes to be extended are estimated at $65,239,807 which would represent an overall estimated increase of 3.32%.

• After the approval of the proposed 2019 Tax Levy, the 2019

Certificate of Tax Levy will be filed with the county clerk.

• Our final allocation work comes in late March/early April when

the county clerk calculates the final amounts to be extended.