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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.

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Public School Revenue Cycle

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  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?

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