Is it Cheaper in . . . ?
shows
how much a taxpayer with a $500,000 home would pay in other
area high school districts and Lake Forest. The referendum
bonds if approved will not increase the current tax rate,according
to District projections. Calculation: Assumes $500,000
home assessed at the 3-year average assessment percentage
for Cook County (9.77%). a multiplier of 2.732. Assumes
Lake County is assessed at 33% with a multiplier of 1.0.
Assumes a Homestead exemption of $20,000 in Cook County
and $5,000 in Lake County.
2005 Property Tax Data
| |
Rate |
Taxes |
| Libertyville |
2.2250 |
3,560 |
| Stevenson |
2.1120 |
3,379 |
| HP/Deerfield |
1.6860 |
2,698 |
| New Trier |
1.5770 |
1,789 |
| Glenbrook |
1.4750 |
1,674 |
| Lake Forest |
0.9650 |
1,544 |
| Lake Forest HSD 115 |
0.965 |
| Highland Park/Deerfield HSD 113 |
1.686 |
| Warren Township HSD 121 |
1.691 |
| Mundelein HSD 120 |
1.820 |
| Grant Township HSD 124 |
2.074 |
| Stevenson HSD 125 |
2.112 |
| Libertyville/Vernon Hills HSD 128 |
2.225 |
| Antioch/Lake Villa HSD 117 |
2.343 |
| Zion Benton Township HSD 125 |
2.712 |
| Grayslake HSD 127 |
3.197 |
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Shared
Services ... Did You Know?
Between 75-80% of Illinois school districts are running
budget deficits. As many communities are scrambling
to fill their budget gaps, Lake Forest High School
and Lake Forest District 67 entered into a ground-breaking
Shared Services agreement in 2004 to help address
this dilemma.
The two major benefits to the community are:
1. Coordination and articulation of the educational
programs and student support services, and
2. Operational savings for the benefit of both districts
- cost sharing has allowed significant funds to be
reallocated into the instructional program, while
bringing greater value to the taxpayers of our communities.
A detailed report to be released later this month.
Lake Forest High School currently has a balanced
budget and anticipates maintaining a balanced budget
in its long-range forecast.
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How
will this plan affect me, the taxpayer?
The project has been designed to meet the academic,
security and enrollment needs while minimizing impacts
to the taxpayer. This plan can be accomplished by
issuing new building bonds, as the bonds from the
1990 referendum come to retirement, with no projected
tax rate increase to the taxpayer.
The new bonds are repaid over a twenty-year period
much like the mortgage on a home. In the next four
years, the projected tax rate will remain stable
at .965 and after 4 years the tax rate will decline
as depicted in the graph below. It should be noted
however, that actual taxes paid for the high school
are likely to rise, even with a stable, then declining
tax rate, due to home value appreciation. Projections
indicate, annually on the average over the life of
the bonds, the owner of a $500,000 home will pay
approximately $100 more than paid on the current
bonds.
|
|
How
will the project be monitored to be sure it comes in
on time and on budget?
The district has designed a process to keep a close watch
on the implementation of this project.
The Board of Education is aware that this is a community
expectation and has structured an
experienced management team to supervise the project.
• Lake Forest High School’s Superintendent, Dr.
Harry Griffith, has completed 12 projects at
Lake Forest District 67 over the past 13 years totaling $25M,
on time and on budget.
• The district has retained a part-time owners representative,
with over $120 million of school
construction experience at Stevenson High School, to work
with the Operations Committee to
make sure the project stays on time and on budget.
• Perkins & Will, Architects, a highly respected
architectural firm has designed the project and
engaged a professional cost estimator to be sure cost
projections are accurate.
• A construction management firm, Pepper Construction,
with a well-established reputation of bringing projects in on time and on budget will supervise
all construction phases.
• If the referendum is approved, the Board will
appoint citizens/construction professionals to work with
the Operations Committee to monitor the progress and
review any proposed modifications to the project.
The Board realizes this is a community expectation
and is firmly committed to completing
the project on time and on budget.
What is the proposed timeline for the construction
project?
If the referendum is approved in November 2006, the construction
and renovations are planned
to occur over 18 months (including two summers) with a projected
completion date of
September 2008.
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Other District
Investments - How do We Compare?
What major facility investments have neighboring
high schools made overthe past ten years (1996-2006)?
Other local high schools have faced similar challenges and
have invested the following amounts on facility
renovations and improvements over the past ten years:
Glenbrook - $86.8 M
Barrington - $85 M
Highland Park/Deerfield - $78 M
Stevenson - $78 M
New Trier - $68 M
Lake Zurich - $52 M
Grayslake - $29.4 M
Hinsdale - $26.8 M
Lake Forest - $7 M
Source: School District Asst. Superintendents& Business
Managers
How does the high school’s tax rate compare
to other area high schools?
The total tax rate for Lake Forest High School is 0.965,
the lowest of 10 area high school districts.
In fact, LFHS is the lowest of all school districts in Lake
and Cook Counties.
|
Operational Cost per
Pupil
| District |
Operational |
| Highland Park |
$17,704 |
| Glenbrook |
$16,288 |
| New Trier |
$15,403 |
| Libertyville |
$14,609 |
| Lake Forest |
$14,511 |
| Stevenson |
$11,981 |
* Source: Illinois State Report Card
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