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Superintendent flags 18% EAV increase; district reports $2.4M operating balance
Summary
Superintendent Brenda Donahue told trustees LaSalle County posted an apparent 18% equalized assessed value increase and said the district may need to consider a 5% truth-in-taxation action; Treasurer Craig Hepner reported an operating account balance of $2.4 million as of Sept. 30.
Superintendent Brenda Donahue told the board that LaSalle County posted a large increase in the equalized assessed value (EAV) that "looks like it's an 18% increase," and said the district "might need to take the 5%" when the board reviews truth-in-taxation options. Donahue also said, "We haven't received the 1Q revenue from the State, which makes it hard to plan," a timing issue she said complicates budgeting.
Treasurer Craig Hepner reported that the district's operating account balance as of Sept. 30 was $2.4 million, a $350,000 increase from Aug. 31. He said September receipts totaled $1.06 million, including $603,000 in real estate tax receipts, $296,000 in General State Aid and $34,700 in investment income. Hepner noted revenue is running about 15% over budget year-to-date through the first three months due to the timing of real estate tax receipts, while expenditures are running roughly 1% under budget.
Hepner also said the district's CD portfolio yield was 3.95% as of September. Donahue's comments and Hepner's financial summary frame an upcoming discussion for the board about levy and budget planning; no formal tax rate or levy action was taken at the Oct. 23 meeting.
