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Meeting Date:
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12/13/2023 - 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 2023 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 8, 2023. The recommended levy, which provides for an aggregate 4.07% increase (prior to any Debt Service abatement), is listed below.
The proposed levy increase of 4.07% is a blend of an increase in the Operational Levy of 6.23%, and a decrease in the Bond and Interest Levy of 13.43%. The decrease in the Bond and Interest Levy reflects smaller annual debt payments associated with the 2023 Levy. The "Tax Cap" will limit tax growth by the consumer price index for 2022 of no more than 5.00% (December 2022 CPI was 6.50%, but CUSD 200 is limited by PTELL, or the Tax Cap, which is 5.00%), plus any new construction growth in the District, which is estimated at $45M. While the exact growth in 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 2023-24 Budget anticipated accessing the CPI Tax Cap (5.00%) and included 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 2023 LEVY REQUEST
Education - $135,942,561
Special Ed - $3,346,065
Tort - $0
O & M - $18,326,439
Transportation - $5,872,922
IMRF - $1,299,966
Social Security - $3,080,688
Life Safety $0
Working Cash $0
TOTAL $167,868,641
The proposed 2023 tax levy (excluding debt services) increase is greater than the 105% of the previous year's (2022) aggregate extension, which was $158,021,957.01. Therefore, the Board of Education was required to hold a public hearing on the tax levy. The anticipated Debt Service (Bond & Interest) levy is $16,869,060 (prior to any Debt Service abatement).
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Funding:
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Aggregate Levy Request of 4.07% (prior to a Debt Service abatement), 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 2023 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 Dave Long Moved, Member Brad Paulsen seconded to approve the Original motion 'It is recommended that the attached resolution and certificates for the 2023 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 | | Rob Hanlon | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | | John Rutledge | Yes | |
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