Wilmette Public School District 39 Board of Education 2017 LEVY HEARING December 18, 2017 Meeting of the Board 1
Terms & Definitions Ø Levy - Amount requested by governmental entity to be raised from property taxes Ø EAV - Equalized Assessed Value of properties in a district as determined by local and county assessors Ø CPI - Consumer Price Index published by the federal government as a measure, per state school code, of annual inflationary impact Ø New Property Growth - Property in the district that has been newly developed and initially assessed during the tax year Ø Extension - Actual amount billed to taxpayers in a district, revenue to entity 2
Property Tax Extension Limiting Law (PTELL) Levy cannot exceed the lessor of: 5% OR the prior year CPI, plus new construction 3
Levy Considerations • EAV • CPI • New Construction/Property Growth • Bond & Interest 4
Equalized Assessed Value (EAV) A increase in EAV in 2016 is due to the Triennial Reassessment by Cook County 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 5
Consumer Price Index (CPI) Ø Since 2009 Ø Average CPI growth is 1.57% Ø Low is 0.1% - High is 3.0% Ø The December 2016 CPI used for 2017 Levy - Rate published in January 2017 is 2.1% 6
New Property Growth 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 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 7
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 8
2017 Levy Factors 2.1% December 2016 CPI 1,817,523,158 Estimated EAV 40,074,355 Estimated New Property Growth 9
2017 Levy By Fund Fund Requested % of Total Levy $ 40,707,000 77.4% Education $ 309,147 0.6% Special Education $ 9,000,000 17.1% O&M $ 635,800 1.2% Transportation $ 85,000 0.2% Working Cash $ -0- 0.0% Life Safety $ 1,580,604 3..0% IMRF/SS $ 281,047 0.5% Tort $ 52,598,598 100% TOTAL “CAPPED” FUNDS 10
2017 Levy Request Total “CAPPED” Funds 52,598,598 Bond & Interest Fund 1,259,948 _________ Total Levy Request 53,858,546 11
2017 vs. 2016 Levy Tax Year Actual 2016 Recommended % Expected 2017 % Extension 2017 Levy Change Extension Change Request New Property $17,396,152 $40,074,355 $13,150,035 Growth Assessed Valuation 1,817,523,158 1,844,447,838 $1,830,673,193 Total Capped $50,405,365 $52,598,598 4.35% $51,836,226 2.84% Funds 12
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