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Understanding Public School Revenue Cycle & Levy Components | EAV, Funds, Levy Rates

This guide provides insight into the Public School Revenue Cycle and Levy Components, including Equalized Assessed Valuation (EAV), different types of funds, calculating levy revenue, and the yearly levy process.

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Understanding Public School Revenue Cycle & Levy Components | EAV, Funds, Levy Rates

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  1. PublicSchool Revenue Cycle The Levy

  2. Levy Components? • EAV—Equalized Assessed Valuation • Funds • Fund Rate • Overall Levy Rate

  3. EAV • Equalized 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=$41,852,295 PORTA 2012 Levy Year EAV=$142,840,162

  4. Funds • In 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.

  5. Set/limited Rate Funds • Education • Transportation • Building and Grounds • Special Education • Working Cash • Lease • Health Life/Safety

  6. Variable Rate Funds • Bond and Interest • Limited to 13.8 % of District EAV • IMRF • Retirement revenues for non-certified employees • Social Security • Social Security Insurance program • Tort Immunity • Rate is set by District to insure against litigation, used to pay Liability, facility and auto insurance, etc.

  7. Calculating Levy Revenue • Calculating 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

  8. Overall Tax Rate AC 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

  9. Yearly Levy Process • October/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.

  10. Questions?

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