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Meeting Date:
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12/14/2022 - 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 2022 Tax Levy
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Vision 2026:
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Operational Excellence Strategies 2 Maintain strong fiscal health of the organization.
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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 and presented to the Board of Education on November 9, 2022. The recommended levy, which provides for an aggregate 6.25% increase, is listed below.
The proposed levy increase of 6.25% is a blend of an increase in the Operational Levy of 7.53%, and a decrease in the Bond and Interest Levy of 3.43%. The decrease in the Bond and Interest Levy reflects smaller annual debt payments associated with the 2022 Levy. The "Tax Cap" will limit tax growth by the consumer price index for 2021 of no more than 5.00% (December 2021 CPI was 7.00%, but CUSD 200 is limited by PTELL, or the Tax Cap, which is 5.00%), plus the incremental EAV from Wheaton TIF #2 (estimated EAV of $45M) and any new construction growth in the District, which has been estimated at $40M. While the exact incremental EAV values of Wheaton TIF #2 and new construction are unknown at the time of this request, a levy request greater than the Tax Cap of 5.00% is needed to capture all new EAV growth. Additionally, the 2022-23 Budget anticipated accessing the CPI Tax Cap (5.00%), the incremental EAV from Wheaton TIF #2 and new construction growth; therefore, it is recommended that the Board access the funds available under the tax cap plus any anticipated new EAV growth.
FUND 2022 LEVY REQUEST
Education - $128,768,090
Special Ed - $3,182,052
Tort - $0
O & M - $17,449,961
Transportation - $5,528,227
IMRF - $1,231,762
Social Security - $2,925,435
Life Safety $0
Working Cash $0
TOTAL $159,085,527
The proposed 2022 tax levy (excluding debt services) increase is greater than the 105% of the previous year's (2021) aggregate extension, which was $147,950,192.34. Therefore, the Board of Education was required to hold a public hearing on the tax levy. The anticipated Debt Service (Bond & Interest) levy is $18,918,062.50.
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Funding:
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Aggregate Levy Request of 6.25%, which will be adjusted by the PTELL and the final determination of Wheaton TIF #2 and 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 2022 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 Brad Paulsen seconded to approve the Original motion 'It is recommended that the attached resolution and certificates for the 2022 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: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | |
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