Proposed Levy Rates Overview FY22
Explore the proposed levy rates for FY22, including details on current expense levy, bond levy, and excess levy. Learn about the levy process, Jefferson County tax allocations, assessed property values, and more.
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Presentation Transcript
FY22 Proposed Levy Rates 3/22/2021 Overview FY22 Assessed Values Current Expense Levy (Regular Levy) Bond Levy Excess Levy Summary 1 FY22 Proposed Levy Rates 3/22/2021
School Levies (Taxes) Current Expense Levy (Regular Levy) Bond Levy Excess Levy 2 FY22 Proposed Levy Rates 3/22/2021
Overview of Levy Process Assessor Certifies assessed value of property and projects total property tax collections. Sheriff Prints tax statements and mail to taxpayer by July 15th. Sheriff distributes taxes collected to the levying body by 10th of each month. Regular Levy Sheriff distributes taxes collected directly to JCS. Step 9 of the Public School Support Program (PSSP) formula is reduced by this amount. Bond Levy Sheriff distributes taxes collected for the bond levy directly to Municipal Bond Commission. (JCS receives check copy from Sheriff). Excess Levy Sheriff distributes taxes collected for the excess levy directly to JCS. 3 FY22 Proposed Levy Rates 3/22/2021
Jefferson County Levies ~75 % of Jefferson County tax collections are allocated to Jefferson County Schools (varies depending on municipality vs county) In FY20 ~ 38.13% of Jefferson County School Revenue was attributed to levies (property taxes) Jefferson County Levy Revenue by Type (Actuals): Regular Levy 44.28% ~$19.5M Bond Levy 2.46% Excess Levy 53.26% ~1.1M ~23.5M 4 FY22 Proposed Levy Rates 3/22/2021
FY22 Assessed Values Assessed values up ~ 2.48% FY22 Assessed Values $3,975,344,157 FY21 Assessed Values $3,879,035,744 Increase ~ 2.48% $96,308,413 5 FY22 Proposed Levy Rates 3/22/2021
Current Expense Levy (Regular Levy) Rate set by Legislature Step 9 (of 10) of the Public School Support Program (PSSP) formula for determining state aid Inverse relationship with state aid FY22 Regular levy revenue budget increase $304,730 6 FY22 Proposed Levy Rates 3/22/2021
Bond Levy (Facilities) Voter approval (~ 61%) on 11/4/2020 for a 15-year term and $43.7M Sale of bonds in progress Municipal Bond Commission (MBC) determines annual levy needed to satisfy principal and interest payments MBC requires additional 5% 10% be collected and placed in reserve until the end of bond issue 7 FY22 Proposed Levy Rates 3/22/2021
Excess Levy Per WV Code 11-8-12, Boards of Education are required by law to: Set the proposed excess levy rates Submit to the State Auditor s Office for approval Reconvene (on the 3rd Tuesday in April) to officially adopt the approved levy rates 8 FY22 Proposed Levy Rates 3/22/2021
Excess Levy Requires voter approval Excess levy has been approved by Jefferson County voters since April 16, 1946 Excess equals supplemental funds to support/supplement both instructional and operational needs of Jefferson County Schools Current rate is at 100% Rate set by Board of Education Current Excess Levy had a 5 year term with expiration date June 30, 2021 Direct relationship with assessed values Voter approved additional 5 years (FY22-FY26) from July 1, 2021 with expiration date June 30, 2026 FY22 excess levy revenue budget increase $378,701 9 FY22 Proposed Levy Rates 3/22/2021
Voter Approved Current Excess Levy Call PURPOSE AMOUNT A - WVU Extension Services (4-H in community and schools) 30,000 B - Local public libraries 90,000 B - Support Jefferson County Health Dept (immunization support) 20,000 B Support Jefferson County Parks & Rec (student & family health) 30,000 C - Instructional, media and technology materials for students 1,500,000 D - School Allocations (materials & supplies) E - Professional development, national certification & other teacher/service personnel benefits F - Salary assistance for teachers and service personnel not covered under the state formula (librarians, art teachers, music teachers, nurses, counselors, custodians, instructional assistants), stipends & extended contracts (coaches, band), and substitutes 1,314,180 1,814,179 17,614,578 TOTAL 22,412,937 NOTE: Current Excess Levy Effective Dates: July 1, 2021 (FY22) through June 30, 2026 (FY26) Voter approved November 4, 2020 (FY21) 10 FY22 Proposed Levy Rates 3/22/2021
Excess Levy Budget Trend Data AMOUNT 23,746,780 22,985,156 20,095,312 19,114,430 18,430,223 18,590,509 18,934,835 19,146,219 20,103,159 20,689,971 21,118,912 21,827,570 22,412,937 22,791,638 %Incr (Decr) YEAR $Incr (Decr) FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 -3% -14% -5% -4% 1% 2% 1% 5% 3% 2% 3% 3% 2% -$761,624 -2,889,844 -980,882 -684,207 160,286 344,326 211,384 956,940 586,812 428,941 708,658 585,367 378,701 -4% -$955,142 TOTAL 11 FY22 Proposed Levy Rates 3/22/2021
Regular and Excess Levy Trend Data FY21 @ 2/28/21 FY22 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 PROPOSED Budget 37,131,070 36,261,945 36,955,349 37,585,889 37,956,409 39,524,805 40,580,976 41,374,730 42,696,641 43,767,919 44,451,350 Actual 38,035,101 36,299,946 36,290,456 36,589,323 37,418,862 39,379,492 40,917,052 41,754,172 43,071,637 36,858,027 44,451,350 Variance 904,031 38,001 (664,893) (996,566) (537,547) (145,313) 336,076 379,442 374,996 (6,909,892) 0 Variance % 102.43% 100.10% 98.20% 97.35% 98.58% 99.63% 100.83% 100.92% 100.88% 84.21% 100% Allowance 5% 5% 4% 4% 5% 5% 6% 6% 6% 5.5% 5.5% 12 FY22 Proposed Levy Rates 3/22/2021
Summary Levy rates may be raised/lowered to adjust revenue (if not @ 100%) Excess levy rate is at 100% FY22 proposed levy rates recommended at 100% 13 FY22 Proposed Levy Rates 3/22/2021
