THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, DECEMBER 3, 2008

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Dist. 64 Levy Up Slightly, Taxes Down

By DWIGHT ESAU

Journal Reporter

There is more positive news for the Park Ridge-Niles School Dist. 64 property tax levy for 2008.

The effect of the levy on taxpayers will be modest and the district's property tax rate will go down slightly.

The district's board of education tentatively approved a 2008 levy for all funds of $57.3 million, or 2.18% more than the 2007 tax extension (tax funds actually received by the district) of $56.1 million. The district's 2008 levy for all operating funds subject to the tax caps is $54.7 million, or 6.21% more than the 2007 levy of $50.1 million. This will require a public hearing before the levy is formally adopted, because it is more than the annual 5% tax cap limit. But when the debt service fund is added into the mix, the amount of the 2008 increase is reduced to 2.18%, because the debt service fund is lower this year by almost $2 million, district officials said. In addition, the district's overall tax rate for 2008 will be reduced from 2.850 to 2.789.

"The 2008 levy is actually is about half of last year's rate of inflation (4.1%) measured by the Consumer Price Index," said Bruce Martin, district business manager. "The 2007 levy was the last one needed to repay the working cash bonds issued in fall 2005," he added. "As these bonds will not be re-issued, the levy for debt service will decrease by about $2 million this year." The public hearing and final passage of the levy will occur on Dec. 8. The 2008 levy is subject to the tax cap limits for the first time since 2005. The 2006 and 2007 levies were filed at the higher limiting rate approved by community voters in the April 2007 referendum, Martin said.

The levy is actually a request for property tax fund distribution from the Cook County Collector, to fund about 80% of district operations in 2009. The district tentatively proposes to spend about $42.3 million of the levy for general educational purposes (mostly staff salaries and benefits), $6 million for operations and maintenance of facilities, $1.8 million for transportation, $1.2 million for liability insurance for its staff, and just over $2 million for additional staff benefits.