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        <title>Finance & Operations</title>
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                <title>Overview of Final 2012 Tax Extension, EAV and Rates</title>
                <description><![CDATA[At the May 14 Board of Education meeting, Chris Whelton, Assistant Superintendent for Finance Operations, presented an overview of the Final 2012 Tax Extension, EAV and Tax Rates (see link below). Included in the presentation were a tax levy timeline, an explanation of the Property Tax Extension Limitation Law (PTELL) &amp;ndash; otherwise known as the Tax Cap &amp;ndash; designed to limit the increase in property tax extensions, a review of the Consumer Price Index (CPI) and how that comes into play in relation to changes in Equalized Assessed Valuation (EAV) and tax rates, as well as a review of 2012 tax extensions and rates and a quick overview of District 205&amp;rsquo;s financial condition. Mr. Whelton noted that District 205&amp;rsquo;s student population continues to rise, which precipitates the hiring of more staff. He also discussed the fact that three years of budget reductions have helped to mitigate escalating expenditures. At the present time, as the end of the fiscal year approaches on June 30, fund balances are adequate to avoid short-term borrowing (issuance of tax anticipation warrants). More detailed budget information may be found in the Budget at a Glance document, which may be found on the Finance Operations Department website: . ]]></description>
                <link>http://elmhurstcusd205-il.schoolloop.com/news/view?id=1368363111516</link>
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                <pubDate>Wed, 15 May 2013 00:00:00 -0700</pubDate>
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                <title>District Refinances Bonds, Saves Taxpayers $1.59 MM</title>
                <description><![CDATA[As a result of the successful 2006 referendum, Elmhurst Community Unit School District 205 issued bonds totaling about $54.15 million, which were used to upgrade facilities, put additions on its school buildings and refund portions of outstanding debt. For the past three years, as interest rates have fallen, the Board has kept a close eye on the municipal bond market, watching for an opportunity to refinance the District&amp;rsquo;s bond obligations.Last spring, the District refunded a portion of the Series 2006A Bonds ($8 million), saving District 205 taxpayers a total of $582,000. On January 17, 2013, the District refinanced an additional approximately $6.4 million of that debt. The outstanding Series 2006A Bonds carried an average interest rate of 5.25%. The bonds issued last week carry an average interest of 2.67%. This refinancing will result in $1,004,000of total savings to District taxpayers over the life of the bonds. &amp;ldquo;Municipal issuers have benefited from the rally in interest rates as evidenced by an 11 basis point reduction in the 10-year Municipal Market Data (MMD) &amp;ldquo;Aaa&amp;rdquo; index since January 8th. In addition, the supply of municipal bonds is low, increasing the attractiveness of the District&amp;rsquo;s bonds,&amp;rdquo; said Elizabeth Hennessy of William Blair and Company, the District&amp;rsquo;s bond underwriter. To read the Final Bond Pricing Report on the most recent transaction, click on link below. Between the two bond issues (May 2012 and January 2013), taxpayers will save over $1.59 million in total. This is one of the ways the Board of Education is saving our taxpayers money without impacting the quality of education our students receive, noted Board President Jim Collins. The District cannot redeploy this money for use in our budget. All of the savings go directly to lower property tax bills. Mr. Collins also explained that The $54 million of bonds issued in 2006 will become &amp;lsquo;callable&amp;rsquo; in January of 2016. The Board believes it isprudent to refinance pieces of the bond issue between now and 2016 to take advantage of the lowest interest rates in a generation. The economics of refinancing improves each year as the 2016 call date draws closer. It is our anticipation that we will continue to do this every January until the whole $54 million is refinanced.&amp;rdquo; Members of the District 205 Finance and Operations Committee include Chris Blum, Susan DeRonne and John McDonough. ]]></description>
                <link>http://elmhurstcusd205-il.schoolloop.com/news/view?id=1356609440474</link>
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                <pubDate>Wed, 23 Jan 2013 00:00:00 -0800</pubDate>
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