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

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 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-Levy Year

How will the CPI finish in 2017?

EAV History

2016 Township EAV

2016 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 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

2016 Levy Breakdown

Overall Levy Percentage Increase

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

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%

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

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