Public School Revenue Cycle

The Levy

Levy Components?EAV—Equalized Assessed ValuationFundsFund RateOverall Levy Rate

EAVEqualized Assessed Valuation is 1/3 the value of

a property or properties. EAV is also the value the Overall Tax rate is

applied too, to determine tax revenue for taxing bodies.

Example: $150,000 Home EAV=$50,000

AC-Central 2012 Levy year EAV=$41,852,295PORTA 2012 Levy Year EAV=$142,840,162

FundsIn General there are two types of funds.

Those that have a tax payer approved rate Those that have a flexible rate and may change to

meet the needs of the District.

Set/limited Rate FundsEducationTransportationBuilding and GroundsSpecial EducationWorking CashLeaseHealth Life/Safety

Variable Rate FundsBond and Interest

Limited to 13.8 % of District EAVIMRF

Retirement revenues for non-certified employeesSocial Security

Social Security Insurance programTort Immunity

Rate is set by District to insure against litigation, used to pay Liability, facility and auto insurance, etc.

Calculating Levy RevenueCalculating the amount of revenue produced

within each fund is as simple as multiplying the rate by the EAV.

Example. PORTA Education Fund Rate =$2.48 per $100 dollars of Assessed valuation

PORTA EAV =$142,840,162.0248 x 142,840,162=$3,542,436

Overall Tax RateAC Central Levy

Fund Rate

Education 2.85 B/G .50 B/I .30038 Transportation .20 IMRF .22084 Social Security .24172 Special Education .04 Tort .96833 Working Cash .050 Health Life Safety .05 Lease .05 Total 5.47127

PORTA Levy

Fund Rate Education 2.48 B/G .5 B/I 1.0145 Transportation .20 IMRF .1180 Social Security .13 Special Education .04 Tort .2 Working Cash .05 Health Life Safety .05 Lease .05 Total 4.8325

Yearly Levy ProcessOctober/November-- District’s receive anticipated

EAV from the County Assessments Office.December—Board sets the levy

If the anticipated levy is 105% of the previous year’s extension (minus Bond and Interest) the board must hold a truth in taxation hearing.What causes an increase of more than 105%?

May—EAV confirmed and final revenue set.Tax Bills go out in June and first payments are due

in July.

Questions?