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District 128 finance staff outlines levy, recent surplus and $8 million capital wish list ahead of Nov. levy vote
Summary
Finance staff reviewed property-tax mechanics, CPI limits and an estimated levy increase tied to 2.9% CPI and new property; FY25 closed with an operating surplus driven by higher interest income and underspent contingencies, and the district presented a preliminary $8 million summer capital list while noting about $5 million likely affordable.
Mister Stanley, finance staff, gave a detailed presentation Oct. 14 to the Facilities and Finance Committee explaining the property-tax cycle, the Consumer Price Index (CPI) constraint under Illinois's Property Tax Extension Limitation Law (PTEL), and the district's estimated 2025 levy planning.
Stanley explained the assessment process (township assessors, appeals, county equalization) and the separate levy process (board adoption, county extension, collection and distribution). He said the December-to-December CPI figure that governs PTEL is 2.9% and that PTEL limits most districts' capped levy growth to CPI or 5% (whichever is less). He told the committee his current estimate assumed roughly a 6.5% increase in existing equalized assessed value (EAV) and about $28.9 million in new property value coming on to the tax rolls.
Because new property is added on top of the CPI-limited base, Stanley estimated an effective total extension increase of roughly 3.7% from the prior year for the district's capped levy; he said the administration would recommend a levy that leaves a roughly $300,000 cushion below the estimate to protect against later adjustments. He noted the truth-in-taxation requirements: if a proposed levy increase exceeds 5% of the prior-year extension a public hearing is required; his recommendation kept the rate under that 5% threshold so a hearing would be optional.
On operations: the district closed fiscal 2025 with revenues at about 101% of budget and expenditures at roughly 99.9% of budget, producing a year-end operating surplus of about $2.3 million (above the board's budgeted estimate). Stanley attributed the revenue upside primarily to higher-than-forecasted interest income; he also flagged one-time and timing factors that made the year closer than the percentages suggest.
Capital projects: the administration provided a preliminary list of proposed summer 2026 capital projects totaling about $8 million in estimates. Stanley and facilities staff said available funding is likely smaller (around $5 million, he said) and that priorities and the list will be refined and bid in coming months. Projects include roofing, parking-lot and site repairs, and other asset-preservation work; the presentation noted routine replacement schedules and a longer-term capital plan extending to 2050 as a planning tool.
Next steps: staff will present final levy documents in November and bring the formal levy to the board for adoption Nov. 17; if adopted the levy will be filed with the county clerk the next day (it must be filed by the last Tuesday in December).
Ending: The committee discussed operational efficiency and long-term fiscal projections; members urged the district to pursue efficiencies while continuing to update five-year forecasts and capital priorities before the November adoption.
