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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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Approval of Resolution abating a portion of the taxes heretofore levied for the year 2023 to pay debt service on the General Obligation Refunding School Bonds, Series 2019, of the District.
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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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CUSD 200's last debt payment is scheduled to be made on October 1, 2025. The funds necessary to make the last debt payment will be incorporated into the 2024 Tax Levy. Administration is estimating a surplus in the Debt Service fund after the final payment is made on October 1, 2025.
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File Attachment:
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Summary:
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Administration is estimating that the Debt Service Fund will have a surplus of $3.5M after the final Debt Service payment is made on October 1, 2025. This surplus is an aggregated amount of interest earnings from the issuance of debt at various points in the past and a 1% additional tax extension in the Debt Service Fund by DuPage County to account for taxes that may be uncollected.
One of the options available to a Board of Education when there is an estimated surplus in the Debt Service Fund is to abate a portion of a Tax Levy. Administration has determined that an abatement of $2.0M from the Debt Service Fund in the 2023 Tax Levy could be made. The $2.0M abatement would allow for the Debt Service portion of the final 2023 Tax Levy to be reduced by $2.0M (reducing the overall tax increase), but still provide the District with enough resources to pay its Debt Service obligations associated with the 2023 Tax Levy.
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Funding:
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The Debt Service abatement will be processed by the DuPage County Clerk and deducted from the Bond and Interest 2023 Tax Extension by the DuPage County Clerk when finalizing the 2023 Tax Extension.
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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 be approved by the Board of Education and authority is provided to Administration for the resolution to 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 John Rutledge Moved, Member Dave Long seconded to approve the Original motion 'It is recommended that the attached resolution be approved by the Board of Education and authority is provided to Administration for the resolution to be filed with the DuPage County Clerk.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 1. | | The motion CARRIED 5 - 1 | | | | | Brad Paulsen | Yes | | Rob Hanlon | Yes | | Dave Long | Yes | | Angela Blatner | No | | Julie Kulovits | Yes | | John Rutledge | Yes | |
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