1 / 10

Public School Revenue Cycle

Public School Revenue Cycle. The Levy. Levy Components?. EAV—Equalized Assessed Valuation Funds Fund Rate Overall Levy Rate. EAV. Equalized Assessed Valuation is 1/3 the value of a property or properties.

talli
Télécharger la présentation

Public School Revenue Cycle

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. PublicSchool Revenue Cycle The Levy

  2. Levy Components? • EAV—Equalized Assessed Valuation • Funds • Fund Rate • Overall Levy Rate

  3. EAV • Equalized Assessed Valuation is 1/3 the value of a property or properties. • EAV is also the value the Overall Tax rate is applied too, to determine tax revenue for taxing bodies. Example: $150,000 Home EAV=$50,000 AC-Central 2012 Levy year EAV=$41,852,295 PORTA 2012 Levy Year EAV=$142,840,162

  4. Funds • In General there are two types of funds. • Those that have a tax payer approved rate • Those that have a flexible rate and may change to meet the needs of the District.

  5. Set/limited Rate Funds • Education • Transportation • Building and Grounds • Special Education • Working Cash • Lease • Health Life/Safety

  6. Variable Rate Funds • Bond and Interest • Limited to 13.8 % of District EAV • IMRF • Retirement revenues for non-certified employees • Social Security • Social Security Insurance program • Tort Immunity • Rate is set by District to insure against litigation, used to pay Liability, facility and auto insurance, etc.

  7. Calculating Levy Revenue • Calculating the amount of revenue produced within each fund is as simple as multiplying the rate by the EAV. • Example. PORTA Education Fund Rate =$2.48 per $100 dollars of Assessed valuation PORTA EAV =$142,840,162 .0248 x 142,840,162=$3,542,436

  8. Overall Tax Rate AC Central Levy Fund Rate • Education 2.85 • B/G .50 • B/I .30038 • Transportation .20 • IMRF .22084 • Social Security .24172 • Special Education .04 • Tort .96833 • Working Cash .050 • Health Life Safety .05 • Lease .05 • Total 5.47127 PORTA Levy Fund Rate • Education 2.48 • B/G .5 • B/I 1.0145 • Transportation .20 • IMRF .1180 • Social Security .13 • Special Education .04 • Tort .2 • Working Cash .05 • Health Life Safety .05 • Lease .05 • Total 4.8325

  9. Yearly Levy Process • October/November-- District’s receive anticipated EAV from the County Assessments Office. • December—Board sets the levy • If the anticipated levy is 105% of the previous year’s extension (minus Bond and Interest) the board must hold a truth in taxation hearing. • What causes an increase of more than 105%? • May—EAV confirmed and final revenue set. • Tax Bills go out in June and first payments are due in July.

  10. Questions?

More Related