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Pekin CSD 303 hears estimated levy of $16.79M; Board to vote in December
Summary
CFO Carla Schaefer presented the district's estimated FY2025 tax levy at $16,792,024 and said property tax revenue accounts for about 48% of district revenues; the Board will consider approval at its Dec. 15 meeting and no public hearing is required because the levy increase is under 5%.
Chief Financial Officer Carla Schaefer presented the district's estimated tax levy for fiscal year 2025 and outlined key assumptions behind the calculation.
According to the minutes, Schaefer said property tax revenue makes up about 48% of the Districts total revenues in the FY 2026 budget, the FY25 equalized assessed value (EAV) is $807 million (a 5.76% increase), and "the total estimated amount of the levy... is $16,792,024." She noted new property funds are estimated at $1.5 million, CPI is estimated at 2.9%, the overall tax rate will be about $2.23, and no bond abatement is planned for 2025. The Board was told approval will be requested at its December meeting.
Schaefer advised the Board that a December public hearing is unnecessary because the district is requesting less than a 5% increase in the levy.
