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2012 - 2013 Tax Rate

2012 - 2013 Tax Rate. Park Hill School District August 9, 2012. Impact: Tax Bill on a $200,000 Home. 2011-2012 Park Hill School District Tax Levy. *Operational Levy of $4.8026 was not set to 2011-2012 Tax Ceiling. Tax Levy Terminology. Voluntary Rollback. Voluntary Rollback.

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2012 - 2013 Tax Rate

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  1. 2012-2013 Tax Rate Park Hill School District August 9, 2012

  2. Impact: Tax Bill on a $200,000 Home

  3. 2011-2012 Park Hill School District Tax Levy *Operational Levy of $4.8026 was not set to 2011-2012 Tax Ceiling

  4. Tax Levy Terminology Voluntary Rollback Voluntary Rollback

  5. Assessed Valuation Change * Includes $12,081,154 in new construction & improvements

  6. Assessed Valuation Change • Reassessment of Real Property • Changes in Personal Property • New Growth 2011 $1,440,437,815 $1,440,437,815 2012 $1,467,449,564 *Results in an increase in the tax ceiling to offset effects of negative reassessment (Hancock Amendment)

  7. FY2013 Budget • FY2013 budget was created anticipating an increase in the tax levy to the operating ceiling and with no increase in the debt service levy. • $4.9117 = Operational • $0.6107 = Debt Service • After final assessed valuation figures from the county, the tax rate ceiling moved up from $4.9117 to $4.9264 (+$0.0147).

  8. Operational Revenue Impact of Assessed Valuation Decrease Preliminary Calculation Current Levy = $4.8026 Scenario 2 Tax Rate Ceiling $68.8 $300,000 Unbudgeted Revenue $68.5 Scenario 3 Approved FY2013 Budget FY2013 Operational Revenue (in millions) $1,200,000 Revenue Shortfall $67.3 Scenario 1 No Tax Rollup

  9. FY2013 Budget • Scenario 1 – No Tax Rollup • Outcome • Results in $1.2 million revenue shortfall • $0 annual tax increase to homeowner with $200,000 home • Proposed Action(s) • Reduce FY2013 & FY2014 expenditure budgets by $1.2 million OR • Decrease operating fund balance by additional 1% (19%) • Reduce FY2014 expenditure budget by $1.2 million

  10. FY2013 Budget • Scenario 2 – Tax Rollup to Ceiling • Outcome • Less Deficit Budget • Consistent with Long-Range Budget Plan • $47 annual tax increase to homeowner with $200,000 home • Proposed Action • Utilize tax rollup to balance budget • Continue to use rollup to fund FliP Project in 2013-2014 & 2014-2015 • Use for fund balance stabilization • FY2013 deficit budget shows a 1% decrease in fund balances

  11. FY2013 Budget • Scenario 3 – Rollup to $4.8817 • Outcome • Matches anticipated revenue for FY2013 budget • $0.0447 voluntary rollback for two years (SB 711) • $30 annual tax increase to homeowner with $200,000 home • Proposed Action(s) • Move forward with FY2013 budget as planned • Make budget assumption for no tax ceiling increases for 2013-2014

  12. Tax Rate Hearing • August 23, 2012 7:00 PM • Notices have been posted per MO Revised Statutes 67.110 • Public notice uses the tax rollup to ceiling scenario (Scenario 2) which provides Board of Education most flexibility and transparency

  13. 2012-2013 Tax Rate Park Hill School District August 9, 2012

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