Tax Levy and EAV Questions and Answers
ESTIMATED & ACTUAL 2015 EXTENSION & RATES
Download ChartEstimated and Actual 2015 Extension and Rates
UPDATE ON LEVY, EAV, TAX EXTENSION AND RATES
Chris Whelton, Assistant Superintendent for Finance and Operations, reported that District 205 received the final 2013 tax extension and rates from DuPage County. “When we propose the tax levy, we don’t know what the new construction EAV will be, so we put forth an estimated extension,” he said.
The estimated 2013 Tax Extension and rates were based on a projected 5% decrease in Equalized Assessed Valuation (EAV) and $22 million in New Construction EAV and was set at 4.22% above the 2012 extension.
With a final Consumer Price Index of 1.7% for 2013, actual EAV decreased by 6.08% and actual New Construction EAV was $20,943,340. Therefore, the final extension - including capped funds (at 2.81%), as well as bonds and interest (at 7.04%) - was 3.21% above the 2012 extension. To the owner of a $300,000 home, this translates to an increase of $155.70.
The Board congratulated Mr. Whelton on his estimates, which were very close to actual figures.
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ANNUAL AUDIT REVIEW - DECEMBER 17, 2013
Assistant Superintendent for Finance and Operations Chris Whelton presented the independent auditor’s report from Klein Hall & Associates CPAs as part of the Annual Audit Review. The auditor recommended that the District watch its cash flow balance at the low points in its fiscal year (April/May) to avoid a temporary negative balance (particularly in transportation and IMRF funds). It was also recommended that the Treasurer’s bond be increased. Both suggestions will be followed in FY14.
The overall fund balance increased by $5M for a variety of reasons. “We benefited in this fiscal year with the timing of some payments; we received more state and federal funding than we expected; the Elmhurst Hospital refund happened in the current fiscal year, rather than in FY13 as budgeted; and we received more Corporate Personal Property Replacement Taxes than expected,” said Mr. Whelton.
The new Comprehensive Annual Financial Report (CAFR) is now posted on BoardDocs, as well as the Finance and Operations webpage.