District approves tax levy
The Glenbrook High School District 225 Board of Education approved the 2013 tax levy at an increase of 3.9 percent. This represents 1.7 percent based on the Consumer Price Index (CPI), and 2.2 percent for the capture of new property growth. The 3.9 percent tax levy request represents total revenue of $97,600,569 (an increase of 3.0 percent from last year's levy). The estimated new growth factor of 2.2 percent helps to ensure that all new growth is properly assessed and accounted.
"The recommended tax levy allows the District to address rising costs due to inflation and financial challenges resulting from new growth, such as increased student enrollment," said Assistant Superintendent for Business Affairs Hillarie Siena.
Under the Property Tax Extension Limitation Law (PTELL), Cook County school districts are limited to a property tax revenue increase of 5 percent or the current CPI (1.7 percent), whichever is less. In addition, school districts are allowed to gain additional revenue from new property introduced to the tax base. School districts, including District 225, commonly levy more than they will actually receive because at the time of levy, the equalized assessed valuation (EAV) for new property is unknown.
"It is important that taxpayers not equate the levy as a percentage increase in their personal taxes," said Siena. "The tax levy is only one of a number of factors that determine how much a property owner actually pays."
The tax levy and answers to frequently asked questions are available on the District website.
Board accepts financial report
The district administration presented the Comprehensive Annual Financial Report (CAFR) for fiscal year ending June 30, 2013. This document contains a review of district finances, highlights, accolades, statistics, demographics, and trend data.
Comprehensive Annual Financial Report (CAFR)