D-36 Board Approves Tentative Tax Levy Increase Of 1.08%

WINNETKA, IL — The District 36 School Board voted unanimously to approve a tentative property tax levy Tuesday. The annual levy is a request for property tax income, which represents over 90% of the District’s annual revenue. According to a district news release announcing the vote, there will be a public hearing to discuss the proposed tax increase before the board can offer its final approval at its Dec. 19 meeting.

As the district asks the board to approve the 2017 Tentative Levy Request, the District is required to compare 2016 to 2017 property taxes in its public notice, which will be printed Dec. 7. The aggregate levy increase sought by the district is 1.08 percent.

In March 2017, the board approved the abatement of $30 million in reserves to refund callable debt on June 1 and eliminate future property taxes of approximately $39 million previously scheduled to pay principal and interest on the $30 million of refunded debt, the board announced.

This action has resulted in 17.38 percent overall reduction to the Debt Service Fund, as well as a reduction in future costs to service debt going forward, according to the district. The associated debt restructuring will lead to an estimated annual taxpayer savings of approximately $319 per $10,000 annual tax bill.

_{Top photo: Winnetka District 36 Administrative Offices | via Patch archive}