LWHS D210 Board Hears Report on Bond Restructure

At the Lincoln-Way High School District 210 Board of Education meeting held Thursday, board members heard a report on the outcome of the bond refunding approved in January to restructure the debt to help reduce the total tax rate citizens will see in their May property tax bills.

Supt. Lawrence A. Wyllie reviewed the financial situation for board members explaining that the total tax rate last year was 1.8306 compared to 1.9190 this year.

“If we would have not refunded the bonds, it would have been .0467 higher or 1.9657. We have helped the taxpayers,” Wyllie told the board.

Wyllie continued, “The CPI was 3.0 percent issued in these bills while next year it will be 1.7 percent. The total extension including bond and interest was $70,252,293 compared to $69,951,289 last year.

That’s only an increase of .43 percent or $301,004. That’s holding the total increase close to the same amount of revenue two years in a row.”

The district had just received the 2012 Levy Summary Tax Extension sheets during the week of March 28. Reports showed that the district’s Equalized Assessed Valuation (EAV) declined $160,373,156, which was less than the $169,000,000 decline last year.

“Less decline-that’s positive. For 2012 we had $36,500,649 in new construction compared to $36,701,861 in 2011. This is flattening out and definitely on the rise for this year,” Wyllie stated.

—Information provided in a press release from Lincoln-Way District 210. 

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