A Decrease of $3+ Million from Last Year's Tax Extensions is the Result of Recent Board Action

In action that brings about a decrease of $3+ million from last year's tax extensions, the Board of Education has cut its operating funds levy for the coming year by $2 million over last year's extensions, and abated an additional $1 million in debt services payments for the 2014 Fiscal Year.

The reductions will impact tax bills issued in May 2013.  The effect on individual tax bills can be determined once Equalized Assessed Values are released by the county clerk's office in April.

The debt service pays down construction bonds for Lake Bluff Elementary School, which were approved by referendum in 2007.  In the next fiscal year, those payments will be made out of existing fund reserves instead.

The total levy for 2012 is $12,953,000, which is $3,178,010 less than the tax extensions for 2011, and represents a 19.7% decrease.

The tax levy reduction plan was arrived at after Board research and discussion, followed by a Town Hall Meeting where various alternatives were presented, and community members were encouraged to ask questions of the financial consultants and share their opinions.

"After hearing the concerns of our neighbors about the District's reserves, and after Board discussions which have occurred over time, the Board of Education examined options for some form of tax relief and reduction of surplus," explains Board president Mary Jane Brady.  "The chosen plan allows us to reduce reserves and thereby ease the community's tax burden, while ensuring there are sufficient funds to continue to provide a high level of educational opportunities and operations in Lake Bluff.  Going forward, actions on future tax levies will depend on what is decided by the Strategic Plan which is under development."