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News
Sounds of silence at school tax levy hearing : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisSounds of silence at school tax levy hearing
| No public comment on the district's request for $107 million
| by Lyle R. Rolfe
| 12/31/2009
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The 2009 tax levy for the Oswego School District was adopted Monday, Dec. 14, after school board members held a public hearing at which no one spoke.
Tim Neubauer, the district's executive director of finance services, said the levy figures are the same as were presented at the previous board meeting.
The district is asking for $100,750,000 in property tax revenue for all funds except the Bond and Interest Fund, but Neubauer said they do not expect to receive this much. The funds, along with state and federal aid, and fees charged by the district, will be used to operate the district in calendar 2010, which splits the current and next fiscal years.
The totals by fund are: Education, $72 million; Operations, Buildings and Maintenance, $17 million; Transportation, $3.5 million; Working Cash, $1million; Municipal Retirement, $2.5 million; Social Security, $1.75 million; Fire Prevention and Safety, $1 million; and Special Education, $2 million. No money is being levied for the Facility Lease or Tort Immunity funds.
The district expects to receive the funds from Kendall, Kane and Will counties in June and September after the counties collect property taxes.
Neubauer said he has hopes of receiving a total of $109,669,531, including revenue for the district's Bond and Interest Fund, next spring from the county clerks. However, he said, his request will be for $125,671 728, which is 23.07 percent more than the $102,112,390 obtained last year.
"In order to receive the maximum amount under the levy process, we must levy dollars at a high enough level to capture the new growth and reassessed property that has taken place in the counties," Neubauer said. "For purpose of this levy we are using a 23.07 percent increase to the overall equalized assessed valuations (EAV) to capture all new growth and reassessed property."
In the spring when final EAV and new construction figures are known, the county clerk's office will then be responsible for determining tax rates and making extensions or tax payments to the various taxing bodies based on their tax rate limitations and the Property Tax Extension Limitation Law (PTELL), more commonly known as "tax caps."
This year's cap is based on 0.1 percent, the Consumer Price Index for the 12 months ending December 2008. All District 308 funds except the Bond and Interest Fund have been subject to the tax cap since 1998, he added.
The total amount minus bonds and interest is $100,750,000, which is 23.17 percent over the 2008 levy of $81,794,441.
Neubauer said the tax to be levied for bond and interest purposes for 2009 is $24,921,728. This represents a 4.49 percent increase over the previous year, which was $23,851,132.
The counties are required to collect funds for the amount requested because the district is responsible for making the principal and interest payments on the bonds.
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