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The Homewood District 153 school board approved a $16.2 million tax levy Monday, Dec. 8, that is expected to bring in an additional $428,000.

To get the increased revenue on the 2014 tax rolls, the district is doing creative bookkeeping. When property values were high in 2010 and 2011, the district reduced its tax rate, said Chief School Finance Officer John Gibson. But now that property values have dropped, the district is forced to increase its overall levy to get the necessary taxes.

“We are entitled to all this increase,” explained Gibson. “Because we are topped out on our education fund, we are increasing the rates in other funds.”

This 2014 levy shows an increase of just 1.5 percent that is equal to the Consumer Price Index. That is the allowable amount of increase set by Illinois’ property tax cap law. That will give the district approximately $200,000.

District 153 is expecting to collect an additional $200,000 from property taxes from businesses in downtown Homewood. Taxes to the district from those businesses have been static the past 23 years under a village tax increment financing arrangement that ends Dec. 31. Gibson said other new monies will come from new property on the tax rolls.

The district’s education fund — used to pay teacher salaries — reached its maximum limit in 2012. The district collects $3.50 for each $100 of assessed property value. Since the district cannot go above that $3.50 limit, it will collect the $428,000 in new revenue by raising the taxing limits in additional funds, such as the leasing fund used for technology and the special education fund. The district then will be able to transfer the additional monies from those funds into the education fund.

Gibson already increased the transportation fund levy a few years ago. He expects next year to transfer $1.5 million from transportation into education.

District 153 is not the only school district in Illinois employing these bookkeeping addendums. Several legislators are considering bills that would give districts greater flexibility that would eliminate the necessity for these fund transfers, Gibson said.

Homewood taxpayers approved a tax increase for the sale of $7.5 million in working cash bonds in 2011. Gibson said the district has been spending down that fund. Today it has approximately $4 million available. The funds are helping the district maintain its strong academic programs and extracurricular activities.

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