Mt. Vernon Register-News

November 13, 2012

New tax levy to be presented to board

The proposal will be put on display for the public to view before it is voted on

By ROSIE GITHINJI
rosie.githinji@register-news.com

MT. VERNON — — A new tax levy will be presented to the Mt. Vernon Township High School board next week, according to Superintendent Mike Smith.

Smith said the proposal is for a tentative 2012 tax levy, which will also be put on display for the public to view before it is voted on at the December board meeting. Smith added there are four bonds still not paid off and another bond issuance will happen in January.

The tentative tax levy will be for taxes payable next year. The committee looked at the current year budget as well as what the district might get from the state to help determine future needs while also considering the cap amount which is based on cost-of-living increases or a specified percentage increase that cannot be exceeded.

“We are using last year’s numbers and historical trends,” Smith explained about how the numbers were figured. “At the end of the day, we try to estimate high enough so there is no money left on the table. [If] you leave money on the table, you won’t get it.”

 Limited by property tax cap statutes coupled with delayed state aid payments to the district, it may be a “lean year” for the district. Smith said the levy request is in the amount of $517,982, but he predicts the district will most likely receive $258,591.

A question about possibly using TIF money from the city should funds from the tax levy fall short was also discussed and Smith said it was a “distinct possibility.”

The first reading of the tentative tax levy will be on Nov. 19 during the regularly scheduled board meeting. The second reading and vote will take place during the following board meeting. Smith said there will also be a Truth and Taxation hearing which will be held sometime during the week of Dec. 3.