Finance Committee Meeting

2 Monday, December 16, 2024 Finance Committee Meeting Liberty Middle School, 1 District Drive in Edwardsville Auditorium 4:30 p.m. To participate as a District Patron during the meeting, please choose one of the following options by 3:00 p.m., Monday by contacting Carey Francis at cfrancis@ecusd7.org or 618-655-6014: * Sign-up to address the Finance Committee * Email your questions or comments to be shared with the committee on your behalf 1. OPENING OF THE MEETING Subject 1.1 Call to order Meeting Dec 16, 2024 - Finance Committee Meeting Category 1. OPENING OF THE MEETING Type Procedural Finance Committee members include: Terri Dalla Riva Bob Paty Scott Ahart File Attachments Subject 1.2 Roll call Meeting Dec 16, 2024 - Finance Committee Meeting Category 1. OPENING OF THE MEETING Type Procedural File Attachments Subject 1.3 Opportunity for Visitors to Address the Finance Committee Meeting Dec 16, 2024 - Finance Committee Meeting Category 1. OPENING OF THE MEETING Type Procedural This portion of the meeting is reserved for comments from the public in accordance with Policy 2:230 Public Participation at Board of Education Meetings and Petitions to the Board (see attached) . This will be the only opportunity to address the Finance Committee during the regular meeting. Please limit your comments to 3 minutes or less. A screen timer will be provided. If your comments are about matters involving students or District personnel, please refrain from disclosing names. Please understand that the Board will not respond to questions made during public comments but may direct the Superintendent to address these questions in a District communication or at a subsequent Board meeting. Please remember that the Board generally needs to gather additional information about any questions or concerns prior to responding or taking action. At the conclusion of the meeting if you have additional questions for the Board, please see the Board Secretary. File Attachments 2.230 Public Participation at School Board Meetings....pdf (68 KB) 2. APPROVAL OF MINUTES Subject 2.1 Approval of the October 25, 2024 Finance Committee Meeting Minutes Meeting Dec 16, 2024 - Finance Committee Meeting Category 2. APPROVAL OF MINUTES Type Action, Minutes Recommended Action To approve the minutes from the October 25, 2024 Finance Committee meeting Minutes View Minutes for Oct 25, 2024 - Finance Committee Meeting File Attachments Motion & Voting To approve the minutes from the October 25, 2024 Finance Committee meeting Motion by Terri Dalla Riva, second by Bob Paty. Final Resolution: Motion Carried Ayes: Terri Dalla Riva, Bob Paty Abstain: Scott Ahart 3. ACTION CONSIDERATIONS Subject 3.1 Approval of the November 30, 2024 Financial Report Meeting Dec 16, 2024 - Finance Committee Meeting Category 3. ACTION CONSIDERATIONS Type Action (Consent) Recommended Action It is recommended that the Finance Committee approve the Financial Report ending November 30, 2024. File Attachments 2024.11 Bd Report.pdf (247 KB) Motion & Voting It is recommended that the Finance Committee approve the Financial Report ending November 30, 2024. Motion by Terri Dalla Riva, second by Bob Paty. Final Resolution: Motion Carried Ayes: Terri Dalla Riva, Bob Paty, Scott Ahart Subject 3.2 Approval of 2024 Tax Levy (2025-2026 School Year) Meeting Dec 16, 2024 - Finance Committee Meeting Category 3. ACTION CONSIDERATIONS Type Action Recommended Action It is recommended that the Finance Committee approve the 2024 Tax Levy (2025-2026 School Year) The Truth in Taxation Act (35 IL CS 200/18-55 et seq. created by Public Act 82-102 effective 7/29/81) requires that “…At least 20 days prior to the adoption of its aggregate levy, the local board of education shall estimate the dollar amount of the aggregate levy for the current year …” The Act continues by stating that “Any district proposing to increase its aggregate levy (excluding debt service) more than 105 percent of its prior year’s extension, exclusive of election costs, must publish a notice, as prescribed by law, in a newspaper of general local circulation.” The Act requires that a public hearing be set no more than 14 days or less than 7 days after publication of the notice. For purposes of “setting” the 2024 levy, assessed valuation growth for 2024 is currently estimated to be 9.0%. However, setting the levy using a 12% assessed valuation growth rate will enable the District to achieve the state or voter approved tax rate for the 2025-2026 school year. The final 2023 EAV growth rate was 10.25%. The 2024 current estimated EAV increase (assigned by the County Assessor) of all property within the District is around 1.5% - before application of any township multipliers. The assignment of township multipliers is a requirement under Illinois statute which states the assessment of all non-farm property must equal 33.33% of its market value. As an example, the current estimated multiplier assigned to Madison County is 1.0903 since the current assessed value of property within the County is 9.03% below the Illinois statute requirement of the assessed value equaling 33.33% of market value. Thus, the addition of the multiplier to the current assessment from the County Assessor results in the estimated 9.0% increase for the 2024 tax levy. Assuming the EAV growth rate remains at 9.0%, the 2024 tax levy rate would decrease from $4.67 to $4.64 per $100/assessed valuation. The Tax Levy Notice was published in the Edwardsville Intelligencer on November 27, 2024 and a public hearing was held on Thursday, December 5, 2024 at 5:00 p.m. File Attachments CTLForm 2024.pdf (226 KB) FinalTaxLevyReso 2024.pdf (134 KB) 2024 Tax Levy Estimate Dec 2024.pdf (22 KB) Motion & Voting It is recommended that the Finance Committee approve the 2024 Tax Levy (2025-2026 School Year) Motion by Terri Dalla Riva, second by Bob Paty. Final Resolution: Motion Carried Ayes: Terri Dalla Riva, Bob Paty Nay: Scott Ahart 4. CLOSING OF MEETING Subject 4.1 Adjournment Meeting Dec 16, 2024 - Finance Committee Meeting Category 4. CLOSING OF MEETING Type Action Recommended Action Motion to adjourn meeting File Attachments Motion & Voting Motion to adjourn meeting Motion by Terri Dalla Riva, second by Bob Paty. Final Resolution: Motion Carried Ayes: Terri Dalla Riva, Bob Paty, Scott Ahart