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District 68 reviews tax-rate picture, levy assumptions and working-cash bond options
Summary
District staff reported a 2.72% EAV increase and explained levy calculations capped by the 2023 CPI (3.4%); staff used a $7.5M new-growth assumption for planning though projected actual new growth is $2.5M. A Raymond James advisor reviewed working cash fund bond strategies.
Assistant Superintendent and Chief School Business Official Kenya Austin briefed the Board on District 68's tax-rate context and tentative levy assumptions. Austin said homeowners make up just over half of the district's Equalized Assessed Value (EAV), the district's 2024 total tax rate (excluding Bond & Interest) is subject to the tax-cap calculation (the 2023 CPI of 3.4% caps the allowable extension increase), and the district recorded a 2.72% EAV increase from 2022 to 2023.
For levy planning the district used a hypothetical $7.5 million of new growth to maximize operating revenue, while noting the projected actual new growth for the 2023 tax year is closer to $2.5 million. Elizabeth Hennesy, director in public finance at Raymond James, briefed the Board on working cash fund bond strategies as a tool to manage the financial impact of additional project costs. The minutes record these financial briefings but do not show any board action on levy adoption or bond issuance at this meeting.
