Community Consolidated School District 15 2019 Tax Levy Corey Bultemeier, SFO Director of Fiscal Services November 13, 2019
2019 PROPOSED TAX LEVY • Tax Levy Background • Review of Levy Calendar • Calculation of Tax Extension • Value of New Growth and Limiting Tax Rate • 2019 Proposed Levy
Tax Levy Background • Local property taxes are the source of over 75% of the District’s revenue. • The tax extension is the amount of the total property tax billings. • The calculation of the levy amount is subject to the Property Tax Extension Limitation Law (PTELL). The legislation is generally referred to as the tax cap.
Tax Levy Background Property Tax Extension Limitation Law (PTELL) • Impacts all school districts in Cook County and many other counties throughout the state. • Limits operating fund levy to: – Increase in the prior year’s CPI% plus – Addition of new property growth (construction) • Districts cannot recover operating revenue if amounts are levied less than CPI. •
Tax Levy Background • Each year’s levy sets the foundation amount by which taxes may be levied for the following year. • The debt service tax levy is determined at the time the bonds are sold and is added to the tax extension by the County Clerk. • For District 15 to collect property taxes, the District must file a resolution with Cook County stating the amount, by fund, that the District needs.
2019 Tax Levy Calendar November 13, 2019 Estimate of taxes to be levied (proposed 2019 tax levy). Not less than 20 days prior to the adoption of the aggregate levy (35 ILCS 200/18-60). December 11, 2019 Adoption of final 2019 Aggregate Tax Levy December 31, 2019 Certificate of Tax Levy (ISBE 50-20) must be filed with the County Clerk on or before the last Tuesday in December (35 ILCS 200/18-150).
CPI and EAV Growth History Levy Year CPI New Year Taxes Growth Paid 2014 1.50% 7,610,598 2015 2015 0.80% 12,859,553 2016 2016 0.70% 13,645,840 2017 2017 2.10% 20,088,876 2018 2018 2.10% 16,620,229 2019 2019 1.90% 2020 Average: 14,165,019
Relationship between budget and tax levy Budget Year 2018-2019 Budget Year 2019-2020 Budget Year 2020-2021 July 1, 2018 June 30, 2019 July 1, 2019 June 30, 2020 July 1, 2020 June 30, 2021 First Payment First Payment Second First Payment Second February & March February & Payment February & Payment 2020 Determined March 2019 July & Aug. March 2016 July & Aug. by 55% of 2018 Tax 2019 2020 Levy 2018 Tax Levy 2019 Tax Levy Approved December 2018 Approved December 2019 The first payment of the 2019 tax levy is automatically set to equal 55% of the 2018 tax levy. The amounts approved as the 2019 tax levy have no relationship to the 2019-2020 budget. The collection of each tax levy will always be split across two fiscal years.
Key Numbers 2018 Extension 125,765,135 2018 Total EAV 3,459,009,224 2019 EAV Change % -3.89% 2019 EAV (Estimated) 3,324,453,765 2019 New Growth (Estimated) 41,094,860 2019 Total EAV 3,365,548,625
Calculation of Limiting Rate P RIOR YEAR TAX EXTENSION X CPI T OTAL EAV (-) NEW CONSTRUCTION 125,765,135 x 1.019 3,365,548,625 (-) 41,094,860 = 128,154,673 = 3.8549 3,324,453,765
Value of New Growth and Limiting Rate 2019 Projection 125,765,135 x 1.019 = 128,154,673 3,324,453,765 x 3.8549 = 128,154,368 41,094,860 x 3.8549 = 1,584,166 2019 Tax Extension 129,738,534 (Rounding)
Annual District 15 Property Taxes Property 2019 Tax Change Value Levy from 2018 Impact Tax Year 200,000 2,244.25 27.89 150,000 1,683.18 20.91 100,000 1,122.12 13.94
Calculation of Maximum Aggregate Extension 2016 2017 2018 2019 Estimated Extension Extension Extension Extension EAV Growth % -3.89% P.Y. Extension 117,986,806 119,299,541 122,561,070 125,765,135 C.P.I. 0.70% 2.10% 2.10% 1.90% Numerator (line 1 x (1 + line 2) 118,812,714 121,804,831 125,134,852 128,154,673 Rate 1.0000 1.0000 1.0000 1.0000 C.Y. EAV 3,528,308,364 3,548,419,062 3,459,009,224 3,365,548,625 New Growth 13,645,840 20,088,876 16,620,229 41,094,860 Denominator (line 5 - line6) 3,514,662,524 3,528,330,186 3,442,388,995 3,324,453,765 Limiting Rate ((line 3/line 7)x100) 3.3813 3.4540 3.6359 3.8549 Max extension (line 8/100) x line 5)) 119,299,541 122,561,070 125,765,135 129,738,842 Limiting Rate is per Cook County Agency Tax Rate Report
2019 Tax Levy Summary Actual Estimated 2019 Tax 2018 2019 Levy Request Education $ 98,820,916.00 $ 102,124,207.48 $ 103,017,857.00 Special Ed $ 1,022,186.00 $ 1,050,051.17 $ 1,068,184.00 Tort $ 1,469,619.00 $ 1,642,387.73 $ 1,785,752.00 O & M $ 15,398,253.00 $ 15,683,456.59 $ 16,091,174.00 Transportation $ 4,074,190.00 $ 4,126,162.61 $ 4,257,529.00 IMRF $ 2,288,095.00 $ 2,349,152.94 $ 2,391,059.00 Social Security $ 2,691,876.00 $ 2,763,115.42 $ 2,813,010.00 Life Safety - - - Total w/o Debt $ 125,765,135.00 $ 129,738,533.94 $ 131,424,565.00 Debt Service $ 5,917,206.00 $ 5,916,634.48 $ 5,916,634.00 Total All Funds $ 131,682,341.00 $ 135,655,168.42 $ 137,341,199.00
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