D210 Gets $69M Property Tax Extension
The Lincoln-Way High School District received about $4.5 million less in taxes than requested. Supt. Lawrence Wyllie also said the district could avoid issuing tax anticipation warrants.
The Lincoln-Way High School District 210 will receive $69.9 million in property taxes this year, Supt. Lawrence Wyllie announced Thursday.
In December, the school board approved a property tax levy of $74,416,681, or about $3 million less than in 2010.
School districts must approve their tax levies in December, and that's before the official assessed valuation of homes is determined. Thus, the district always requests more in taxes than it will actually get.
Wyllie said the district's assessed valuation has decreased $169 million, accounting for an increase in the tax rate.
"But the amount of taxes is offset by the loss of state aid," Wyllie said. "Total revenue probably goes down a bit or stays flat."
|Year||Tax levy (requested)||Tax extension (received)||Without bond/interest|
Property taxes make up about 65 percent of the district's $97.6 million budget. The District 210 tax levy accounts for about 25 percent of the average resident's tax bill.
Tax Anticipation Warrants
Wyllie also updated the school board and said it's unlikely District 210 would have to issue tax aniticpation warrants, which are short-term "payday" loans of sorts that are given to the district in the understanding that it will be able to pay them back when they receive state money.
Because the state has failed to make its categorical payments, the district's cash flow could be running low, in which case D210 would need to issue the warrants. Earlier this year, the board approved a resolution allowing the district to put together paperwork needed in case it needs to issue the warrants.
Wyllie said he won't know until mid-May whether the district will need to do this, because of a payroll disbursement and state payment around that time.
"If I had to guess right now I'd say we won't have to do it," he said. "I'd guess we'll be OK."
If the district did indeed issue warrants, it would be asking for $3 million. Wyllie said that amount likely would be paid back within 30 days.