SAUK VILLAGE | The Consolidated School District 168 School Board unanimously approved a $4.36 million tax levy for the fiscal year 2013.
The levy is an increase of 4.9 percent over last year’s levy.
Business Manager Sharlyne Williams made a presentation to the board during the Dec. 17 board meeting.
“The requested increase is based on district needs,” Williams said. “But the actual increase will be less than the requested increase.”
Williams explained the Consumer Price Index for last year was 3 percent, meaning the highest increase the district can receive is 3 percent, according to Illinois state law.
A total of $2.6 million is appropriated for the Education Fund. Another $729,000 is marked for the Transportation Fund, and $450,000 for Operations and Maintenance.
In November, the estimated tax levy was $4.43 million, which would have been a 6.675 percent increase.
Any increase of more than 5 percent requires a public hearing. Since the board did not schedule a public hearing, they modified the tax levy to the lower percentage.
“The CPI cap of 3 percent made the requested increase a moot point,” School Superintendent Al Travaglini said. “Changing the requested increase will have no impact on the actual amount we get from the county.”
Cook County determines exactly how much is appropriated to each school district based on the Equalized Assessed Valuation of the property in that district. The property values within District 168 have taken a hard hit over the past several years due to the recession and the associated decline in property values.
Michael Mason, from the auditing firm of Miller & Cooper, presented the board with the annual finance report.
Mason said the audit showed the district was in excellent financial shape. The reserve fund balance remained around $20 million, and the district remained debt free for the second consecutive year.
The Bloom Township treasurer's office provided an annual investment report that showed the district made $245,272 in interest during the past fiscal year.
Travaglini commented the district used to make an average of $1 million on interest.
“That's how far interest rates have fallen in the last few years,” Travaglini said.