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Meeting Date:
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12/8/2021 - 7:00 PM
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Category:
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Action Items
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Type:
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Action
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Subject:
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Adoption of the 2021 Levy
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Vision 2026:
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Financial & Facilities Management 1 Continue to ensure a balanced budget that builds and maintains a fund balance that meets Board policy.
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Background
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The school code empowers the Board of Education to levy taxes to support the public school system. If the levy request exceeds 105% of the previous year's aggregate extension, a public notice and hearing are needed before the official levy is adopted. The Board of Education is limited to an increase no greater than the Consumer Price Index (CPI) from the previous year under the Property Tax Extension Limitation Law (PTELL or "Tax Cap").
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File Attachment:
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Summary:
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Annually, the Board of Education reviews a levy proposal prepared by the Administration. The levy proposal was previously discussed with the Board Finance Committee. The recommended levy, which provides for a 1.02% increase, is listed below.
The proposed levy increase of 1.02% is a blend of an increase in the Operational Levy of 2.56%, and a decrease in the Bond and Interest Levy of 9.65%. The decrease in the Bond and Interest Levy reflects smaller annual debt payments associated with the 2021 Levy. The tax cap will limit tax growth by the consumer price index for 2020 of no more than 1.40%, plus any new construction growth in the District, which has been estimated at $40.0M. While the actual new construction values are unknown at the time of this request, a levy request greater than the CPI is needed to capture the new growth. Additionally, the 2021-22 Budget anticipated both accessing the CPI and new growth; therefore, it is recommended that the Board access the funds available under the tax cap.
FUND 2021 LEVY REQUEST
Education - $120,000,000
Special Ed - $2,900,000
Tort - $0
O & M - $16,502,359
Transportation - $5,500,000
IMRF - $1,100,000
Social Security - $2,650,000
Life Safety $0
Working Cash $0
TOTAL $148,652,359
The proposed 2021 tax levy (excluding debt services) increase is less than the 105% (actual increase is less than 5%) of the previous year's (2020) aggregate extension, which was $144,944,817.17. Therefore, the Board of Education is not required to hold a public hearing on the tax levy. The anticipated Debt Service (Bond & Interest) levy is $18,918,101.
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Funding:
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Aggregate Levy Request of 1.02%, which will be adjusted by the PTELL and the final determination of new construction. Source is local tax dollars.
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Board Policy
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4:10 - Fiscal and Business Management
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Recommendation:
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It is recommended that the attached resolution and certificates for the 2021 Tax Levy be adopted as presented, that the Certificate of Tax Levy be executed, and that all forms be filed with the DuPage County Clerk.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Susan Booton Moved, Member Dave Long seconded to approve the Original motion 'It is recommended that the attached resolution and certificates for the 2021 Tax Levy be adopted as presented, that the Certificate of Tax Levy be executed, and that all forms be filed with the DuPage County Clerk.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Mary Yeboah | Yes | | Angela Blatner | Yes | |
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