The 2017 Estimated Property Tax Levy is 4.99% higher than 2016, but the actual amount of property tax revenues the district will receive will be calculated based on the December 2016 Consumer Price Index of 2.1%.
State law prohibits school districts from increasing property tax requests by more than the CPI or 5%, whichever is less. This is the first time the CPI has been above 2% in five years. The CPI is
a measure of price changes in consumer goods and services set by the Bureau of Labor Statistics.
The only other increases in the levy must come from new property development.
The District must over-estimate the levy increase in order to capture all potential new property. The township assessor determines the actual amount paid to the district after all property is assessed. Property taxes represent 85 percent of total district revenues.
The district will hold a hearing on the proposed $34.8 million levy at the board’s Dec. 12 meeting.
Life Safety Survey Identifies $201,500 in Building Repairs
Every ten years the Illinois School Code requires school districts to have the buildings inspected to ensure they meet all life-safety codes. District 28 is funding the repairs through its regular budget. Door repairs, ventilation improvements, adjustments to railing heights and lengths, etc., are the type of items identified.
The ten-year review was conducted by the district’s architectural firm and then reviewed by staff and the Buildings and Grounds Committee.
The board approved the list of repairs. Staff will develop a timeline for completing the projects..
Audit Shows District Finances Sound, Transparent
Annually, the District is required to conduct an independent audit of the financial activities in accordance with generally accepted governmental auditing standards. Susan Jones of Miller Cooper and Co., Ltd. presented an overview of the annual audit report, which was completed Oct. 18. She noted excellent cooperation and transparency from district staff.
The auditors found the District to be financially sound. Factors that may impact the District’s future include:
the new state funding formula, pension reform, increased health care costs, reduced investment interest earnings, delayed state grant funding and salary expenses outpacing revenues.