Glenview Park Board votes not to increase tax levy
In a unanimous vote Thursday night, the Glenview Park District Board of Commissioners agreed to a 0% increase in taxes.
The district has lost about $6.9 million in revenue since March, but it has been able to offset nearly all of it -- $6.7 million -- through reductions or deferrals in expenses.
The district deferred capital spending, postponed non-urgent maintenance and repairs, eliminated professional training, and furloughed nonessential staff during early spring shut downs to reduce expenses.
With this levy -- the amount of property taxes it collects -- the District would still capture CPI (consumer price index) at 2.3% and realize new growth of $65,000,000. The Special Recreation Levy was higher last year due to capital contributions toward a new NSSRA building, and this year capital contributions to NSSRA will be decreased to a total of $80,799.
The Bond & Interest Levy will be reduced by $521,877 with funds from the Farm & Fields fund.
The Bond & Interest Levy includes the annual rollover bonds, the 2012C Pool Referendum Bonds, and the 2018A Referendum Bonds.
This levy fluctuates slightly with the annual principal and interest payments and has a small increase in the payments for the 2012C Pool Bonds and 2019 Park Bonds. The 2020 Levy is also higher due to the reduction of the 2012C Pool Bonds in 2019.
The Farm & Fields referendum, passed in 1998, was a 0.13% increase to the corporate tax rate. Over the years, the increase has been used to pay debt issued to purchase the farm (2009A Bonds) and Community Park West (2012B Bonds). As of December 2019, all debt was retired. This fiscal year, additional funds made available after debts were paid off were used to reduce the Bond & Interest Levy and to fund several projects including: the Wagner Farm playscape, Heritage Center exhibit redesign, and Phase II of the Wagner Farm Master Plan and architecture and engineering plans for the Heritage Center.
Commissioners Jen Roberts, Joe Sullivan and Dave Dillon all made comments at the board meeting lauding staff for their dedication to reducing expenses during an especially challenging year.
"I want to thank all of the staff, and especially the finance team, for working incredibly hard to create so many reports on the financial impact of this pandemic, and for the amazing level at which they have been able to reduce expenses," said Commissioner Roberts.
"This is really tremendous," said Commissioner Sullivan, "I don't think many organizations are able to do this with $6.9 million in revenue lost. I sincerely want to thank staff for their commitment to fiscal responsibility."