DEC ECEMBER EMBER 16, , 2019 19
TAX LEVY Provides the resources needed • BUDGET to maintain and enhance Reflects the District’s Goals • programs for students and Objectives Provides funding in June & Sept • Represents all funds and • authorizes expenditures CASHFLOW Education Fund is the • primary fund used to A significant portion of District • support the operations of revenue arrives in June which the District is used to fund the following Salaries • year’s programing Benefits • Example: $21.2M Projected Ending • Fund Balance in Ed Fund (FY20) vs. Purchased Services • Annual Ed Fund Budget of $61.6M Supplies & Materials • The District’s fund balance • Capital Outlay • policy of a minimum of 20-30% Other Objects • supports this scenario.
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. Local property taxes represent approximately 70 % of the total school district revenue. 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 or 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.
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 amount of the school district’s authorized tax rate is determined by the total amount of the taxes levied by the Board of Education. The formula used to calculate the tax rate is as follows: Total Dollars Levied / Total Assessed Property = Tax Rate
( ) TOTAL TOTAL % Prior Current New (Lower er Year Year Construction of CPI or 5%) Taxes Taxes
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 ot 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%
2019 LEVY CALCULATION PAGE Consumer Price Index: 1.90% Actual Total EAV for 2018: $877,393,526 (Prior Year Extension x (1+Lesser of 5% or CPI)) Estimated % change from 2018 EAV: 4.59% Limiting Rate: (Total EAV - New Construction) 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 Maximum Tax Individual Fund Estimated Prorated Extension based Safeguard % Input Prior Year Extension: Rate: Maximum Extension: on prior year extension: Manual Override: Balloon % input: Levy Amount: Educational 0.00% $34,385,039.42 $0.00 $35,724,495.76 $34,699,511 $34,699,511.00 Operations & Maintenance 0.75% $6,404,296.00 $7,016,995.43 $6,653,772.95 $6,653,768 $6,653,768.00 Transportation 0.00% $3,433,560.46 $0.00 $3,567,313.52 $4,567,311 $4,567,311.00 Working Cash 0.05% $51,509.38 $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 * 0.10% $462,892.99 $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 0.80% $6,831,288.65 $7,484,795.12 $7,097,398.94 $7,097,394 $7,097,394.00 Leasing 0.10% $0.00 $935,599.39 $0.00 $0.00 Prior Year Adjust. 0.00% ($328.76) $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 SEDOL IMRF $0.00 $0.00 Bond and Interest: Bond and Interest: $9,011,061.46 $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 Consumer Price Index: 1.90% Actual Total EAV for 2018: $877,393,526 (Prior Year Extension x (1+Lesser of 5% or CPI)) Estimated % change from 2018 EAV: 4.59% Limiting Rate: (Total EAV - New Construction) 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 Maximum Tax Individual Fund Estimated Prorated Extension based Safeguard % Input: Prior Year Extension: Rate: Maximum Extension: on prior year extension: Manual Override: Balloon % input: Levy Amount: Educational 0.00% $34,385,039.42 $0.00 $35,724,495.76 $34,716,234 1.66% $35,292,031.00 Operations & Maintenance 0.75% $6,404,296.00 $7,016,995.43 $6,653,772.95 $6,653,768 $6,653,768.00 Transportation 0.00% $3,433,560.46 $0.00 $3,567,313.52 $4,567,311 $4,567,311.00 Working Cash 0.05% $51,509.38 $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 * 0.10% $462,892.99 $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 0.80% $6,831,288.65 $7,484,795.12 $7,097,398.94 $7,097,394 $7,097,394.00 Leasing 0.10% $0.00 $935,599.39 $0.00 $0.00 Prior Year Adjust. 0.00% ($328.76) $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 SEDOL IMRF $0.00 $0.00 Bond and Interest: Bond and Interest: $9,011,061.46 $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%
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.
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