District 200 could freeze its tax levy this year or return to the tax rate from 2012, members of the school board said Thursday.
Members weighed the two options at their regular monthly meeting, where they discussed the upcoming December tax levy adoption. The district last year, in an unprecedented move, approved a $10 million cut in its tax levy. The district may decide to freeze the levy at that level in 2014.
Last year’s tax cut was recommended by the ad hoc Finance Advisory Committee, which was established 2013 to examine how to bring down the district’s large fund balance. The school board last year talked about possibly doing another tax cut or returning to the 2012 rate in 2014.
The two options for were vetted by the board’s standing Finance Committee at their meeting on Oct. 14.
“We talked, as a group, about bringing forth, to the board, two viable options for a levy,” said committee’s chairman, Tom Cofsky.
The board could levy roughly $65 million, as it did in 2012, or, follow the FAC’s recommendation of a roughly $55 million levy, which is the amount levied last year.
“Those were the two options we focused on as being viable,” Cofsky said. “There are many, many other options, but those two kind of hit two different ways of approaching where were are.”
The board, as required by law, will approve its preliminary levy on Nov. 10 and a final levy roughly a month later on Dec. 19. A special board meeting is scheduled for Nov. 10 to approve the levy, following the board’s monthly Finance Committee meeting that evening.
The board has the option of approving a preliminary levy at the 2012 amount or going with the frozen levy in December, board members noted. Tod Altenburg, the district’s chief financial officer, noted that the board can not, by law, approve a final levy amount that’s higher than the preliminary levy amount.
CONTACT: tdean@wjinc.com