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August 23, 2007

August 23, 2007. FY 2007/2008 Tax Levy. FY 2007/2008 Tax Levy. Special Administrative Board of the Transitional School District of the City of St. Louis, as a political subdivision, is authorized to set tax levies Public notice must be posted one week prior to public hearing

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August 23, 2007

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  1. August 23, 2007 FY 2007/2008 Tax Levy

  2. FY 2007/2008 Tax Levy • Special Administrative Board of the Transitional School District of the City of St. Louis, as a political subdivision, is authorized to set tax levies • Public notice must be posted one week prior to public hearing • Tax levies are set annually • Proposed tax rates must be submitted to the State Auditor by Sept 1st (certification)

  3. FY 2007/2008 Tax Levy Points of interest • This was the year for reassessments • Increase in real estate (25% residential, 19% commercial ) • 5% decrease in personal property (4th straight year for declines) • There was also a $66m ( 87%) increase in TIF assessments ($76m to $142m)

  4. FY 2006/2007 Tax Levy Points of interest (contin) • Anticipated increase in protested taxes • Increase in foreclosed property • Last operating levy increase was 1991

  5. FY 2007/2008 Tax Levy The tax levy should be apportioned as follows: $0.0000 Teachers Fund $3.1322 Incidental Fund $ .0000 Capital Projects Fund $ .6211 Debt Service Fund $3.7533* Total per each $100 of assessed valuation * As reviewed by State Auditor’s office

  6. Prior year tax rate: $0.0000 Teachers $3.3982 Incidental $0.0000 Capital $3.3982 Operating $0.6211 Debt $4.0193Total rate Proposed tax rate: $0.0000 Teachers $3.1322 Incidental $0.0000 Capital $3.1322Operating $0.6211 Debt $3.7533Total rate FY 2007/2008 Tax Levy ($0.2660)

  7. FY 2007/2008 Tax Levy Why is there a decrease in the tax rates when assessed values have increased significantly this year? • There is an involuntary rollback of the General Operating rate of $.2660 to limit the amount of revenue growth permitted by State law. • General Operating voter approved tax rate ceiling $3.75 • The proposed rate is $0.6178 below the ceiling

  8. FY 2007/2008 Tax Levy Why is the debt service rate being maintained at $0.6211? • This rate will allow the District to retire bonds early, which will save interest and reduce principal expenses • Anticipated savings of approx. $10.4m over 18 years • Reserves sufficient to pay current year debt and maintain a full year's reserve

  9. FY 2007/2008 Tax Levy Impact of proposed rates on taxpayer:

  10. FY 2007/2008Tax Levy Other discussion points • Tax collection rate of 92% (per FY06 audit) • Current year revenue loss of $12m ($148m vs. $164m) • One cent levy = $438,296

  11. FY 2007/2008 Tax Levy Special Administrative Board approval of Resolution Setting the Tax Rate

  12. Appendix

  13. FY 2007/2008 Tax Levy

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